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Early in the American session, gold is trading around 3,312 with a bullish bias after breaking out of the symmetrical triangle. Gold is now likely to continue rising in the coming hours, reaching the 7/8 Murray level at 3,359.
Gold has reached a new high for now, as the trend is very bullish, around 3,319.45. It is likely to continue rising in the coming days to the 3,360 level, as this level represents a strong technical reversal.
On the other hand, if gold falls below 3,300, it is likely that it could continue its technical correction to reach the 6/8 Murray level at 3,282.
A consolidation below the 6/8 Murray level could lead to a technical correction reaching the 21SMA at 3,241.
The eagle indicator is reaching extreme overbought. So, at the current price levels below its all-time high, it will be possible to sell with a target at 3,281.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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