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Gold continues with its bullish run and for now, reached the highest level of 2,288. According to the daily chart, gold accumulates gains seven consecutive days after bouncing around 5/8 of Murray located at 2,156.
Technically and according to the daily chart, the metal has reached extremely overbought levels. This condition also coincides with the Murray indicator which is seen around +1/8 Murray and represents a strong technical reversal. So, a decline in the price is expected in the coming days.
If the XAU/USD falls below the yellow line of the Murray indicator, we foresee targets at 2,250 and 2,218. Eventually, gold could find good support around the 6/8 Murray which coincides with the 21 SMA located at 2,185.
If gold trades below +1/8 Murray located at 2,281 in the next hours, we could expect a technical correction and the target could be located at 2,250.
Conversely, if gold continues to rise, we see resistance at +2/8 Murray around 2,312. This level is the last hurdle which represents an extremely overbought market. Beyond that point, we may look for opportunities to sell.
In the meantime, given that gold is expected to fall towards the 2,180 level in the coming days, we will be looking for opportunities to sell as long as it trades below 2,281 or below 2,312, with targets at 2,250 and 2,187.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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