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Early in the American session, gold is trading around 2,880, below the 21 SMA, and within the bullish trend channel forming since January 20.
If the bearish trend prevails in the next few hours, we expect gold to reach the bottom of the bullish trend channel around 2,857. This level could offer good support and from that point, we could expect a technical bounce to occur.
If the bullish cycle resumes in the next few hours and the price consolidates above 2,880 - 2,891, the outlook could be positive, but it would have to face strong resistance located around 2,907, where the pivot point is located, which could serve as a key level.
The current level of 2,880 acts as a strong support. So, we expect a technical bounce to occur in the next few hours. Hence, the instrument could reach 2,909. Below this area, gold could resume the bearish cycle.
In the meantime, we will look for opportunities to buy above 2,880, with targets at 2,891 and 2,907. A technical bounce is expected in the next few hours.
On the contrary, if the gold price falls below 2,880, the outlook could be negative and it could quickly reach 2,872. Finally, the price could reach the bottom of the uptrend channel around 2,857.
The eagle indicator is showing a positive signal after a strong technical correction. Now the trading volume could resume which could favor the strength of gold.
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