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Early in the American session, Gold is trading around 2,755, above 6/8 Murray, and with a bullish bias. As a result, we are going to see a technical correction in the next few hours towards 6/8 Murray located at 2,734 or towards the 21 SMA located at 2,723.
The technical reversal zone is located around 7/8 Murray at about 2,773. This level could offer strong resistance and we could expect gold to fall.
Technically, bullish strength is showing its exhaustion. In the next few hours, gold could likely make a technical correction below 2,760, towards Murray's 6/8 which will be seen as an opportunity to sell.
The eagle indicator is showing a negative signal. So, we will look for opportunities to sell at current levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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