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Early in the American session, the price of gold (XAU/USD) is rebounding, having reached a low of 1,904. According to the 4-hour chart, gold has respected the 21 SMA located at 1,906. Gold is likely to continue bouncing and reaching the key area of 1,919.
The last 8 candlesticks show that gold is likely to have a strong technical correction in the coming days. The key will be to wait for the XAU/USD pair to fall below the +1/8 Murray located at 1,906 and consolidate below the psychological level of 1,900.
In case this scenario comes true, it is likely that gold will fall to the bottom of the uptrend channel around 1,880 and could even reach 8/8 Murray at 1,875.
According to the 4-hour chart, we can see that gold is very overbought and this is a sign that any technical bounce could be seen as an opportunity to sell. In this case, if gold approaches this area of 1,919 -1926, it could be an entry signal to sell, with targets at 1,906 and 1,875.
Gold could resume its bullish cycle if it consolidates above the daily pivot point located at 1,919. If gold remains above this level, it is likely to reach 1,929 and could even reach +2/8 Murray located at 1,837.
If gold remains trading below 1,920, any bounce will be seen as a selling opportunity and we could expect a decline to support levels of 1,825, that is where the 200 EMA is located.
Our trading plan for the next few hours is to expect gold to reach the 1,919 - 1,926 resistance zone. Any level in this area could be seen as an opportunity to sell.
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