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Early in the American session, gold is trading around 2,474, breaking the downtrend channel that was formed since August 12. The metal is gaining bullish momentum. Therefore, it is likely to reach the psychological level of 2,500 around 8/8 Murray.
The US data will be released in the coming hours and we will look for opportunities to buy gold while it consolidates above 2,468 or 2,460.
Because gold is consolidating above 7/8 Murray, the outlook could be positive. If the instrument has a technical bounce towards 2,460 (21 SMA), it could also be seen as an opportunity to resume buying.
We can see the formation of a bullish pennant pattern on the H4 chart that was confirmed when it surpassed 2,460. Now the target for gold is recognized at 2,490 and even at the psychological level of $2,500.
If gold falls below 2,460 again, the outlook could be negative and the price could resume its bearish cycle. Then, it could reach 2,437 and finally, the 200 EMA art about 2,410. We should pay attention to the eagle indicator as it is reaching overbought levels, which means that a technical correction is imminent in the next few days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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