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Gold is trading around 3,354, bouncing back after finding resistance around 3,340. After a strong technical correction from the $3,400 level to $3,340, gold is likely to recover in the coming hours and could reach 3,379 and even return to 3,398 levels.
If gold tests the 3,340 level in the coming hours and manages to stay above this area, this will be seen as a buying opportunity with targets at 3,360 and 3,380 (6/8 Murray).
If gold falls below 3,340, the outlook could be negative. It could then resume its downward movement, and we could expect the instrument to reach 5/8 Murray at 3,320 and eventually 4/8 Murray at 3,281.
Gold is approaching overbought levels, so we should be cautious. If it reaches 3,380 or 3,398 in the coming days, it will be seen as a signal to sell, with a short-term target at 3,280.
Key resistance levels are located at 3,359, 3,372, 3,379, and 3,398. Immediate support levels are seen at 3,350, 3,341, 3,320, and 3,281.
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