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Early in the European session, gold is trading around 2,760, above the 21 SMA, and within the downtrend channel forming since January 23.
Technically, gold is showing a positive signal. So, in the next few days, it could likely reach 8/8 Murray around 2,812.
On the contrary, if gold falls below the 21 SMA located at 2,755, we could expect the gold price to reach 6/8 Murray at 2,734 and even 5/8 Murray at 2,694.
We should pay attention to the 21 SMA level. Above this level, gold continues to rise. On the contrary, the outlook could be negative below this area.
The eagle indicator is showing a positive signal. However, we are seeing a negative divergence which is likely to indicate that gold could resume its bullish cycle after a technical correction.
Our trading plan for the next few hours is to sell gold if the price of the metal falls below 2,754 with targets at 2,734 and 2,722.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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