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Gold is trading around 2,339, above the 200 EMA, and within the downtrend channel forming on the H4 chart. After reaching the all-time high of 2,450, gold made a strong correction of more than $100, reaching the low of 2,325 yesterday during the American session.
Gold could make a technical rebound because it is oversold on the H4 and H1 charts. However, if gold falls below 2,330, it could resume its bearish cycle.
In case gold consolidates above 2,333, the outlook could remain positive. In the next few hours, we could expect a technical rebound so that the instrument could reach the 21 SMA located at 2,381 and even the top of the downtrend channel around 2,391.
According to the technical chart, gold has remained in a bullish channel since April. It was recently broken and now a change in the trend is observed.
If gold trades below the psychological level of 2,400, the outlook will be negative.
If a technical rebound occurs in the next few days and the price reaches 2,400 or 2,390, it will be seen as an opportunity to sell.
Our trading plan for the next few hours is to buy gold above 2,330, with targets at 2,365 and 2,388. We could set a stop loss below the 200 EMA or below the weekly low of 2,325.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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