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Early in the American session, gold is trading around 3,039, below the +2/8 Murray level and reaching overbought levels, as it could technically be preparing for a sharp decline.
During the European session, gold reached a new all-time high around $3,045.29, and has since seen a technical correction. However, it is showing signs of exhaustion. It is likely that after consolidation, a technical correction could occur in the coming days.
The bulls could take profits, which could lead the precious metal to a technical correction.
In the US, the Federal Reserve will announce its monetary policy decision this afternoon. No change is expected; however, Chairman Powell's speech could influence gold prices in the short term.
A consolidation below $3,045 could set the stage for a technical correction toward the psychological level of $3,000. Therefore, we will look for shorting opportunities in the coming days as long as the price remains below the +2/8 Murray level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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