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Gold is trading around 2,297, above the 21 SMA, and above the downtrend channel that has been forming since April 29. We expect that gold will continue its rise in the next few hours and could reach the 200 EMA 2,327.
In the next few hours, we could expect gold to make a technical correction and consolidate above 2,290. This area could offer a good opportunity for gold to continue rising. So, the price could reach 4/8 of Murray located at 2,312 and 2,327(200 EMA)
With a sharp break above the 200 EMA and a consolidation above this zone on the H1 chart, gold could reach 2,375 and finally, 2,392 where it left a gap on April 18.
On the contrary, if gold falls below 2,290, we could expect a continuation of the bearish movement and the instrument could reach 4/8 Murray at 2,250.
Technically, gold is seen to be oversold. Therefore, any pullback while trading above the April 30 low could be seen as an opportunity to buy.
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