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Early in the American session, gold is trading around 2,709 bouncing after having hit the low at 2,690. It is likely that it will continue to rise in the next few hours until it reaches the top of the uptrend channel around 2,725. The instrument could even reach 6/8 Murray at 2,734.
On the contrary, we could expect a resumption of the bearish cycle if the price of gold breaks sharply and consolidates below 2,680. Then, we could expect it to reach the 200 EMA located at 2,660 and finally at 4/8 Murray at 2,656.
The XAU/USD is expected to consolidate above $2,700 in the coming days. Any technical bounce above the bottom of the uptrend channel will be seen as an opportunity to buy with the target at 2,734.
The Eagle indicator is showing negative signals, so gold is expected to consolidate below 2,737 and above 2,680. This range zone will give us opportunities to buy and sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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