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Early in the European session, Gold (XAUUSD) is trading around 1,792.99 rebounding after a sharp drop of almost $35, registered yesterday during the American session.
Yesterday in the American session, XAU/USD changed its trajectory and turned lower, quickly falling below the 6/8 Murray (1,812), the key level that we mentioned yesterday in our previous article. Gold is now trading below the psychological level of 1,800 and could remain under bearish pressure as long as it settles below the 21 SMA located at 1,805.
Gold is inversely correlated with US Treasury bonds. Bonds rose yesterday on the news of weekly US jobless claims. The 10-year US Treasury yield rose 0.22%, putting strong downward pressure on gold and it is likely to continue falling until it hits the key support of the 200 EMA located at 1,766.
According to the 4-hour chart, we can see that gold is trading within the uptrend channel. A technical bounce at the bottom of this channel around 1,785 or if XAU/USD reaches the key zone of 5/8 Murray located at 1,781 will be seen as an opportunity to buy.
On the other hand, in case gold continues to bounce and reaches the resistance zone of the 21 SMA (1,806), it will be seen as an opportunity to resume selling with targets at 1,790 and 1,781.
A daily close below 5/8 Murray (1,781) and a sharp break in the uptrend channel could mean a reversal of the trend and gold could reach 1,766 (200 EMA) and could even fall to the psychological level of 1,750 (4/8 Murray).
Our trading plan for the next few hours is to wait for gold to consolidate between 1,781 to buy or wait for it to reach 1,806 to sell. The eagle indicator is in the negative zone, so any technical rebound will be seen as an opportunity to sell.
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