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Early in the European session, Gold (XAU/USD) is trading around 1,835.25, below the 21 SMA and below the strong resistance at 3/8 Murray.
Yesterday during the American session, gold managed to reach 1,844 which coincides with 3/8 Murray and failed to break it. Since then, we are observing a technical correction.
In case the technical correction continues in the next few hours, it is likely that it could fall towards the 200 EMA located at 1,830. If the downward pressure continues, it could find strong support in the 1,818 area. This level coincides with the GAP that was left on February 28.
According to the daily chart, we can see that the 21 SMA is located around 1,850 which could become strong resistance and could prevent gold from a further rise. Therefore, as long as gold is trading below 1,850, any technical bounce could be seen as a signal to sell with targets at the psychological level of 1,800.
Our trading plan for the next few hours is to sell below 1,843 with targets at 1,830 (200 EMA) - 1,818 (GAP) which coincides with the bottom of the uptrend channel. On the other hand, as long as the instrument is trading above 4/8 Murray located at 1,812, it could be seen as a signal to resume buying with targets at 1,843 and 1,850.
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