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Early in the European session, Gold is trading around 2,041.20, above the 21 SMA, and within a downtrend channel formed since November 28. According to the H1 chart, gold is consolidating between 2,031 and 2,045.
If in the next few hours gold breaks and consolidates above the bearish trend channel around 2,045, we could expect a continuation of the bullish movement and the price could reach + 2/8 Murray at 2,062.
On the other hand, given that gold is trading within a trend channel, gold is expected to fall below 2,045 in the next few hours. The instrument could reach +1/8 Murray at 2,031 and could even reach the bottom of the downtrend channel around 2,025.
The market sentiment shows that there are 52.57% of operators who are selling gold and 47.43% who are buying. Last week, the change in operations was an increase of 30.77% as traders increased their short positions, which means that gold could remain under a strong upward trend in the coming days.
On the other hand, if gold breaks below 2,025, it could reach the 200 EMA located at 2,014 and even fall to the psychological level of $2,000.
The daily chart of the XAU shows that it has reached overbought levels. It means that as long as gold trades below the +2/8 Murray located at 2,062, there is a strong likelihood of a technical correction. Additionally, if it falls below the psychological $2,000 level, a change in trend is expected and the price could reach 1,937 (6/8 Murray).
The eagle indicator is showing oversold signals. Therefore, after a technical correction, gold could resume its bullish cycle. The key level is 2,025. If the price falls and bounces above this area, this will be seen as a buying opportunity.
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