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Early in the American session, Gold is trading around 2,212.72 and near the 7/8 Murray line. This move represents a technical reversal as it happened on March 19 when gold reached the high of 2,222.
Currently, we can see that gold is in a strong uptrend after bouncing several times within the uptrend channel. If the price consolidates above 2,218 in the coming hours, it could continue to rise and could reach the psychological level of 8/8 Murray around 2,250.
However, we could expect there to be an exhaustion of the bullish strength in gold, since the level around 2,218 is a weekly resistance and could be a key rejection point. Therefore, we must monitor this point for the next few hours and we could expect a technical correction in the next few hours. Therefore, the instrument could fall towards 6/8 Murray located at 2,187.
A technical bounce around the 21 SMA located at 2,183 could offer a good point to resume buying. From that level, we could expect gold to reach 8/8 Murray located at 2,250.
On the contrary, a sharp break and a fall below 6/8 Murray could accelerate its down move and the metal could reach 5/8 Murray located at 2,156. Finally, gold plunge to 8/8 Murray located at 2,125.
Our trading plan for the next few hours is to sell below 2,212 or in case there is a pullback towards 2218, to sell with targets at 2,200 and 2,187. Technically, we observe that there could be a technical correction in the next few hours, hence, we could look for opportunities to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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