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Early in the European session, gold traded around 3,367, above the 21SMA, and above the 7/8 Murray level, showing a slight recovery after a strong technical correction below 3,387.
If gold consolidates above the 7/8 Murray level in the coming hours, we could expect it to continue rising and could reach the 8/8 Murray level at 3,437 and eventually reach the psychological level of $3,500.
On the other hand, gold is expected to undergo a technical correction. On May 30, it left a gap around 3,284, and if it consolidates below 3,350, it could likely reach this target.
Recent gold trading shows it is losing bullish strength. So, a technical correction is expected in the coming days. Therefore, if the gold price falls below the 21SMA, it will be seen as a signal to sell.
On the other hand, we could continue buying gold if it consolidates above 3,365 in the coming hours. Be careful, as strong volatility could occur at the beginning of the American session due to the release of the US Non-Farm Payrolls data.
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