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Early in the American session, gold is trading at 2,916.41, above the 21st SMA, signaling a possible continuation of the bullish movement. We believe that as long as the metal consolidates above this area, gold will continue to rise in the coming days.
On the H4 chart, we can see that gold has been consolidating below 2,930 and above 2,880-2,890 since late February. The metal will likely attempt to break the strong resistance at 2,929.69 in the next few days. Technically, bulls should wait for a move beyond the strong barrier at 2,930 before positioning for further profits.
If this scenario occurs, the gold price could reach the all-time high of 2,955.89 and even climb to the 8/8 Murray at 2,968. The price could even reach the psychological level of $3,000. On the other hand, gold could undergo a technical correction if it falls below the 21 SMA. It could then continue its downward movement to the Murray 6/8 support at 2,890 and even reach the weekly low of 2,880.
This area could serve as a good point for a technical rebound. The Eagle indicator is showing positive signals, so any pullback will be seen as an opportunity to continue buying gold in the coming days. A drop below the 6/8 level and consolidation below 2,876 could change the medium-term trend.
If this occurs, gold could reach the Murray 4/8 level around 2,812 and even the psychological level of $2,800.
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