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Yesterday during the American session, gold reached a low of 2,325, the level that coincided with the 200 EMA and from that area, it gained a strong bullish momentum, jumping by more than $50 in less than 24 hours.
From the all-time high at 2,431 to the April 15 low (2,324), gold has retraced the 61.8% Fibonacci which coincides around 2,390.
If gold trades below 2,392 in the next few hours, we could look for opportunities to sell with the target at 2,364 (21 SMA). With a consolidation below the 21 SMA, we could expect a further bearish move and gold could fall to the 200 EMA at 2,331.
In case gold continues to rise, the bearish outlook will be invalidated and we could look for opportunities to buy above the psychological level of 2,400. If this scenario occurs and gold consolidates above 2,396, the price is likely to reach 2,410 and could finally reach 2,435 (7/8 Murray).
Technically, the eagle indicator is giving a negative signal and there will likely be a technical correction in the next few hours, so we will look to sell below 2,392 with the target at 2,330.
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