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Early in the American session, gold is trading around $2,917, above the 21 SMA, and within the uptrend channel forming since January 20.
Yesterday, gold recovered from a low of 2,864. This level coincided with the bottom of the uptrend channel which enabled the bulls to take control. From that point, the price surpassed the psychological level of $2,900 with a recovery of more than $60 which means that the uptrend could last in the coming days.
Additionally, the US inflation data was stronger than expected. Immediately after the release, the market sold gold, but when it reached support levels around 2,864, it made a technical rebound and climbed to 2,917.
From a technical viewpoint, gold is reaching overbought levels on the daily and weekly charts.
A strong fall is likely to occur in the next few days, so we could look for opportunities to sell if the gold price breaks below 2,870. Then, the price is expected to fall towards 2,812. Gold could even reach the 200 EMA located at 2,766.
According to the H4 chart, gold continues to show its bullish strength as the price is located above the 21 SMA, which sets the stage for a further rise. So, the metal could reach the top of the bullish trend channel around 2,960.
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