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Early in the American session, gold is trading around 2946, close to the all-time high of 2,956 and above the 7/8 Murray level, albeit showing signs of exhaustion. A technical correction is likely in the coming hours before resuming its bullish cycle.
Gold is within an uptrend channel that has been forming since February 27. This strong bottom is likely to keep gold above 2,930. In the short term, the metal could reach the top of the uptrend channel around 2,978 or even the psychological level of $3,000.
On the other hand, gold could enter a corrective phase if it falls below $2,930. The instrument could even reach the psychological level of $2,900.
A sharp breakout of the uptrend channel and consolidation below $2,910 could signal a trend reversal. Then, we could expect gold to fall towards the 200 EMA at $2,870. The price could even reach the 4/8 Murray at $2,812.
The Eagle indicator is reaching overbought levels. So, if a technical correction occurs in the next few hours, it will be seen as an opportunity to buy gold above $2,930.
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