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Early in the American session, gold is trading around 3,078, below the new all-time high of about 3,086 reached during the European session. Gold maintains bullish momentum. However, it could face a technical correction in the coming hours if the price consolidates below 3,078.
Important support is located around the 21 SMA at 3,035. This level coincides with the bottom of the uptrend channel, which could suggest a technical rebound in the coming days.
On the contrary, a sharp break and consolidation below 3,035 could change gold's course. If this scenario occurs, we could expect gold to reach the 6/8 Murray at 2,968 in the short term and even the 200 EMA around 2,944.
Our trading plan for the coming hours is to sell gold below its all-time high with targets at 3,062, 3,045, and finally 3,035. The eagle indicator is giving a negative signal, which supports our bearish strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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