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Early in the European session, gold is trading around 2,045, retreating after reaching the high of 2,052.03. XAU/USD is producing a strong overbought signal and an imminent technical correction is likely to occur in the coming hours. So, the metal could reach the daily pivot point of around 2,033.
Much of the strong movement in gold is due to the fall in Treasury yields and the fall in the dollar index (USDX). A weaker dollar fuels the demand for gold, and thus the price rises. Another factor is that almost every year, gold rises in late November and early December for Christmas and New Year's shopping.
Gold has encountered strong rejection around the top of the uptrend channel formed since November 9. If it tests this level in the next few hours and fails to break it, this could be seen as a signal to sell below 1,952.
The 2,033 area where the daily pivot point is located and +1/8 Murray are acting as immediate support. We are likely to see a technical rebound in gold around this area and the price could resume its bullish cycle and reach +2 /8 Murray at 2,061.
As long as gold trades below the top of the uptrend channel around 2,052, it could be seen as a signal to sell, with the target at 2,031. In case XAU breaks this support, we could expect the price to reach the bottom of the uptrend channel around 2,018.
If the gold correction deepens and the price falls below the 21 SMA located at 2,011, it could be seen as a change in the trend and a clear signal to sell with the target at the 200 EMA located at 1,970.
In view of the fact that the eagle indicator is giving an extremely overbought signal, it is imminent that a strong technical correction will occur in the next few hours. Therefore, as long as gold trades below 2,062 (+2/8 Murray), it will be seen as an opportunity to sell.
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