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Gold, following the release of the Fed's interest rate decision, made a strong upward move, reaching a new ATH around $3,707. From this level, gold began a technical correction and subsequently bounced within the downtrend channel. The technical correction is likely to continue in the coming days, pushing the price down to the 200 EMA around $3,634.
As long as the gold price consolidates below $3,671, it will be seen as an opportunity for short positions, as the 7/8 Murray is located in this area, now acting as resistance. We could expect the price to reach $3,652, and possibly even reach the $3,640 level.
Gold could find good support around $3,630. This level represents a good point for long positions, as the Eagle indicator shows oversold levels. Therefore, we could look for buying opportunities in the coming days if gold rebounds above $3,634.
Conversely, if gold consolidates above $3,671, it could continue its rise until it reaches the 61.8% Fibonacci level around $3,685. The price could even reach the psychological level of $3,700.
The key level to watch in the coming days is the $3,670 area. Strong bearish pressure could occur below this level. Above this level, we could expect a recovery in gold.
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