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Early in the American session, gold is trading around 3,299 within the downtrend channel forming since April 21, showing a recovery above the support at 3,270.
On the H4 chart, we can see a $100 consolidation from 3,370 to 3,268. If the gold price consolidates above this area in the coming hours, we could expect a technical rebound around 3,270, which will be seen as an opportunity to resume buying.
Conversely, if gold continues to rise, breaks the downtrend channel, and consolidates above the 21st SMA around 3,310, it will be seen as a buying signal, with targets at the 7/8 Murray around 3,359 and finally at the top of the rectangle pattern around 3,370.
If bearish strength prevails and gold breaks below the rectangle pattern and consolidates below 3,270, the outlook could be negative. So, the instrument could reach the 5/8 Murray at 3,205 and eventually the 200 EMA located at 3,150.
The Eagle indicator is showing oversold signals, so we believe that gold could resume its bullish cycle in the short term after a technical correction and reach the psychological level of $3,500.
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