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Gold is trading around 2,347.85, bouncing after reaching the 21 SMA. We observe several bearish red Japanese candles on the H4 chart. This occurred after gold reached 6/8 Murray located at 2,375 and made a strong technical correction. The metal now find good support if the price consolidates above 2,330.
If gold falls towards the bottom of the uptrend channel located around 2,330, it could be seen as a good point to buy as the uptrend is expected to prevail and gold could bounce above this area. Therefore, traders could resume buying with a target at 2,375. Finally, the instrument could cover the GAP it left at 2,392.
We should pay attention to the 2,340 or 2,330 area, as gold could bounce around these points and we could look for opportunities to buy with targets at 2,375 and 2,392.
At the current price levels, there is strong downward pressure below 2,353 as there is dynamic resistance. So, gold could be under pressure, thus we should expect this pressure to be relieved when the price reaches the bottom of the bullish channel or the daily support of 2,332.
In case there is a technical rebound above 2,330, we will look for opportunities to buy. However, in case gold falls and consolidates below 2,325, the outlook could be negative and we could expect it to reach the psychological level of 2,300 which coincides with the 200 EMA. Finally, gold could reach 4/8 Murray at 2,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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