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Early in the American session, gold traded around 2,904, bouncing back after having reached Murray 6/8 around 2,889 during the European session.
Gold could continue its rise in the next few hours and reach the top of the bearish trend channel forming since February 14 around 2,920.
On the other hand, in case gold falls below 2,903, it is expected to continue its bearish sequence and could reach 2,851 where the 200 EMA is located. The metal could eventually reach even the bottom of the bearish trend channel around 2,820.
The outlook remains positive only in case there is a consolidation above 2,925. Gold is expected to return to 2,953 and even surpass its high. Finally, the price could reach 8/8 Murray located at 2,968.
If gold consolidates below the 21 SMA, the outlook may remain negative for the next few days. Hence, we will look for opportunities to continue selling with a target at 4/8 Murray.
The eagle indicator is approaching oversold zones. So, any pullback in gold will be seen as a signal to buy. Meanwhile, above 6/8 Murray and above 5/8 Murray, any technical correction will be seen as an opportunity to buy.
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