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Early in the American session, gold is trading around the 200 EMA located at 1,697. We can see a strong move breaking the uptrend channel due to the upbeat non-farm payrolls which turned out to be positive for the US dollar.
Investors are convinced that the US central bank will tighten its monetary policy at a faster pace to curb inflation. This could be a factor that will keep gold under downward pressure in the coming days.
Given that gold is approaching support levels around the 200 EMA and around 6/8 Murray in this area, it could be considered a buying opportunity with targets at 1,700 and 1,715 (21 SMA).
On the 4-hour chart, we can see that gold broke the uptrend channel formed on September 26. This is a negative sign. However, gold could still resume its bullish cycle if it consolidates and trades above 1,687.
On the other hand, in case gold bounces back above the 200 EMA, it will be a positive sign and likely an opportunity to buy with targets at 1,712-1,718 (7/8 Murray).
On the contrary, a daily close and a sharp break of the critical support at 1,687 could open the door for a bearish cycle and gold could fall towards 1,656 and could even reach 4/8 Murray at 1,625.
The eagle indicator reached the extremely overbought zone. Hence, we have seen a strong correction in gold. However, the asset could resume its bullish cycle again. For this, we should see gold trading above 1,680 and above the psychological level of 1,700.
A sharp breakout of the downtrend channel formed since October 3 could be a clear signal to buy above 1,720, with targets at 1,735 and 1,750.
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