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XAU/USD is trading around 6/8 Murray located at 1812. According to the daily chart, we can see a technical correction after reaching the June 29 high at 1,833.20.
XAU/USD rose to a new high at 1,833, during the American session. It received strong support after the announcement that China will reopen its borders and waive quarantine restrictions starting on January 8. With this decision, China will significantly ease its zero-COVID policy.
Although gold reached June levels, it failed to consolidate above the previous high of 1,824. It is currently trading below this level and is finding support around 6/8 Murray. If gold remains above 1,812, we could expect the bullish cycle to resume and could reach the resistance zone of 1,821 and 1,833.
During the last days of December and the beginning of January, the market always decreases its liquidity, which is why certain sudden movements in the price of gold could occur and could have short-term directional movements. In view of the fact that there could be movements for no apparent reason, we must be very careful and trade the daily support and resistance levels.
The daily chart shows that the XAU/USD pair continues to trade above all of its moving averages, with the 21 SMA extending its advance above the 200 EMA, in line with the prevailing uptrend. The eagle indicator has reached extreme overbought levels and an imminent technical correction is likely to occur in the coming days. It may grow to the psychologically important level of 1,800.
A return below 1,812 could mean the continuation of the technical correction to the 21 SMA located at 1,791. It may also approach the bottom of the uptrend channel around 1,787.
A sharp break in the uptrend channel could be the start of a trend change and gold could fall towards the first support around the 200 EMA located at 1,765 and the key level of 1,750 (4/8 Murray).
Our trading plan for the next few hours is to sell below 1,812 with targets of 1,790 or wait for a pullback towards 1,830 to sell. The eagle indicator is in the overbought zone which supports our bearish strategy.
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