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Early in the American session, gold is trading around 2,899 within the uptrend channel forming since January 27 and above 5/8 Murray, showing a strong bullish trend. BTC is likely to continue rising in the coming hours to reach 2,915 where it coincides with the top of the uptrend channel.
Gold benefited from tensions over a possible global trade war which added fresh buying interest to the precious metal. XAU/USD also acts as a safe haven asset in times of economic turbulence. This, in turn, drove it to new highs.
The outlook remains bullish for gold as we could expect a new rally in the next few hours and gold could reach 2,912 and even 2,924.
In case XAU/USD falls below 2,915, we could expect a strong technical correction during which gold could reach 5/8 Murray at 2,890. Finally, the price could reach 2,863 where the bottom of the bullish trend channel is located.
A break below the 21 SMA located at 2,869 could mean a change of trend and we could expect gold to reach 4/8 of Murray located at 2,802.
The eagle indicator has reached overbought levels. So, we believe that a strong technical correction could occur in the next few hours and for this we should be attentive to the resistance levels around 2,915.
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