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Gold price is trading around 1,845.88 above the 7/8 Murray, above the SMA 21, and EMA 200. It remains firmly in the uptrend but is showing signs of exhaustion.
The bulls are determined to push gold up and enable it to reach the psychological level of 1,900 in the short term. In case the price continues to rise, it is likely to reach the strong resistance of 1,860 and beyond this level, it could reach 8/8 Murray around 1,875.
The daily pivot point is around 1,838. A bounce around this zone could offer an opportunity to resume buying and gold could continue its rise until it reaches its target at 1,875 (8/8 Murray).
On the contrary, in case gold falls below 1,835, it is expected to reach the key support zone of the 21 SMA located around 1,823. If the bearish pressure increases, the instrument could reach the bottom of the uptrend channel and the support of 6/8 Murray around 1,812.50.
During the American session, gold is likely to trade with strong volatility because investors will be waiting for crucial data to be published such as the ISM manufacturing PMI and the FOMC meeting minutes.
The key zone for gold is located at 1,850 which has become a strong barrier. Trading below this level, a technical reversal is likely to follow and the price could reach 6/8 Murray at 1,812.
Our trading plan for the next few hours is to wait for a correction to around 1,838 to buy, with targets at 1,850 and 1,875. On the contrary, if there is a close below the level of 1,835 on the 4-hour chart, the sell signal will be activated, with targets at 1,823 (21 SMA) and 1,812 (6/8).
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