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Early in the American session, gold is trading around 2,904, below the 21 SMA, and below the 7/8 Murray with a sign of exhaustion but showing strong consolidation above 2,890.
During the European session, gold reached the low of 2,895. Now a technical bounce is observed, but the price is likely to find strong resistance below the 21 SMA.
If the bearish pressure prevails in the next hours, we could expect a further fall, and the metal could find good support at the 6/8 Murray 2,890. If this area is broken, gold could fall in the next days towards the 200 EMA located at 2,862.
This week, if President Trump remains relatively silent on tariffs, risk aversion could calm down. Thus, we could expect a sharp drop in gold towards the support level of 2,878. The instrument could even cover the gap it left last week around 2,858.
If gold breaks and consolidates above the downtrend channel, we could expect it to continue rising and could reach 2,929. Finally, gold could slide to 2,968 (Murray 8/8).
The key will be to pay attention to the 2,912 area since there could be bearish pressure below this area. The eagle indicator is giving a neutral signal. So, technically, a correction in gold will follow soon.
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