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Gold is trading around $3,388, undergoing a technical correction after attempting to break the psychological level of $3,400. Gold is struggling to consolidate above the 7/8 Murray level, as the H4 chart shows several technical corrections below this area.
The support that encourages the instrument's continued rise is located around $3,382, where the 21SMA is located, and is providing bullish momentum. However, a drop below this area could trigger a strong downward acceleration.
If gold resumes its bullish cycle in the coming hours and rebounds above 3,382, it will be seen as an opportunity to continue buying with a target at 3,398. The instrument could eventually reach the 8/8 Murray level at 3,437.
The outlook remains bullish for XAU/USD, so any pullback as long as the price trades above the 6/8 Murray level at 3,359 will be seen as an opportunity to continue buying.
The Eagle indicator is approaching overbought levels, so we should be cautious if the price shows signs of exhaustion, especially around 3,400. The best decision could be to plan short positions.
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