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Gold is trading around 2,386, within an uptrend channel, and below the strong resistance at 2,397. On the H4 chart, we can see a consolidation in the price after it reached the 61.8% Fibonacci at 2,395. Gold is currently bouncing and could try again to break this zone.
In case gold breaks and consolidates above 2,395 and above the psychological level of 2,400, we could expect it to continue rising and the price could reach 2,422 and finally, 7/8 of Murray located at 2,437.
On the contrary, in case there is a pullback towards 2,395, the instrument could form a double top pattern which could be a technical reversal signal and we could sell below this area.
If this scenario occurs, the opportunity to sell at 2,395 will open up, with the target at 2,380. Additionally, a sharp break of the uptrend channel could give us a new entry to sell with the target at 2,346 (200 EMA).
Technically, the eagle indicator is reaching exhaustion levels. Gold is likely to make a technical correction in the coming days. Our trading plan will be to sell below 2,400 or in case it trades below 6/8 of Murray located at 2,385 with the target at the psychological level of 2,300.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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