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Gold is trading around 2,125 below the high reached around 2,141, showing a technical correction. The instrument is likely to continue falling in the next hours and could reach 2,109 and even 6/8 Murray at 2,093.
The intraday pivot point is located around 2,125. In case gold trades above this area, it is expected to continue rising and could reach 2,140 and even +2/8 Murray at 2,156.
Yesterday gold approached its all-time high of 2,023. However, as it could not consolidate above 2,140, the instrument started a strong technical correction.
If gold falls below 2,125 in the next few hours, it could be seen as a signal to sell with targets at 2,109 and 2,093.
Gold is heavily overbought on H4 and H1 charts. Hence, a technical correction is imminent in the coming days. For this our outlook, gold should trade below 2,140, then it could fall below this area. Therefore, any technical bounce will be seen as an opportunity to sell.
The data of major importance will be released during the American session on Wednesday and Friday. They could give strong volatility to gold. If the data is negative, we could expect gold to reach 2,156.
Conversely, the strong employment data could allow traders to sell below 2,140, with the target at the 21 SMA level which coincides with the bottom of the uptrend channel around 2,045.
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