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Early in the American session, Gold is trading at 2,910.80 above the 21 SMA and above 6/8 Murray, with a bullish bias but limited to a bearish trend channel exerting strong pressure.
During the American session yesterday, Gold reached a low of 2,880, and from that level, it made a strong technical rebound, recovering part of the losses.
Now, the instrument is expected to continue rising in the next few hours. The price could reach 2,923, where the top of the downtrend channel is located. Once this level is surpassed, it could continue rising to reach 2,953.
In case gold breaks and consolidates above 2,925, the outlook could be positive and we can expect a new bullish sequence. Therefore, gold could reach 2,668 (8/8 Murray) and even the psychological level of $3,000.
The eagle indicator is showing a positive signal. So, we will look for opportunities to buy if gold consolidates above the psychological level of $2,900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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