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Early in the American session, gold is trading around 2,185.08 above the 21 SMA and below 6/8 Murray. Gold could continue with the technical correction if in the next few hours consolidates below 2,196 - 2,187 then he could reach the weekly pivot point which coincides with the 21 SMA around 2,172.
According to the H4 chart, we currently observe that gold is making a technical correction after reaching 2,196 during the European session, an area that coincides with the top of the bearish trend channel. It could exert strong pressure in the next few hours and we could expect a further fall which could be seen as an opportunity to sell with the target at 2,170.
In case gold makes a technical rebound around the support of 2,272, we could buy. Above this level, we could look for the opportunity to buy, but given that the instrument is trading under bearish pressure, we should be very careful because a break below this area could accelerate the fall of gold and it could reach the bottom of the uptrend channel around 2,160 and could even reach the 2,140 level.
Our trading plan for the next few hours is to sell below 2,193 in case there is a pullback towards this area. Then, it will be a good point to sell or buy if there is a technical bounce around 2,172 with targets at 2,200 and 2,218.
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