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Early in the European session, gold was trading around $2,907 at about the 61.8% Fibonacci retracement. XAU/USD is showing signs of exhaustion after having reached the weekly high of 2,929. So, we believe that there could be a technical correction in the next few hours.
During yesterday's American session, after the announcement of tariffs by US President Donald Trump, gold reached 7/8 Murray around 2,930, increasing the value of the metal as a refuge measure by investors.
Technically, gold reached overbought levels. However, we believe that the technical correction could continue in the next few hours, and gold could reach 2,890 (6/8 Murray) and even the 21 SMA around 2,880.
On the other hand, in case gold fails to consolidate above 7/8 Murray located at 2,929, it will be seen as an opportunity to sell. This area represents an important resistance zone. We reckon that gold could continue declining below this zone.
The renewed demand for safe-haven assets could help gold in the short term. Hence, its price could reach the 8/8 Murray zone around 2,968. Thus, even the bullish target around the psychological level of $3,000 is getting closer.
The Eagle indicator is showing a positive signal. So, once the metal is above the 21 SMA, it will be seen as an opportunity to buy in the short term with a target at 2,968.
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