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Early in the American session, gold is trading around 3,033, rebounding after reaching a low of 3,021 during the European session.
Gold is expected to reach the 3,036 or 3,039 area in the coming hours, a level that coincides with the top of the downtrend channel. Once this level is reached, gold could resume its downward cycle.
If gold breaks and consolidates above the 21 SMA and above 3,040, the outlook could be bullish. Hence, a bullish move is expected toward the 7/8 Murray located at 3,046 and the instrument could even reach the high of 3,057.
On the other hand, if there is a pullback toward the 3,023 level, where weekly support is located, this could give gold bullish momentum for the coming hours and could be seen as a signal to buy with a target at 3,039.
The Eagle indicator is reaching oversold levels. So, we believe that gold could resume its bullish cycle in the coming days. For this, we should expect consolidation above the psychological level of $3,000.
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