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Early in the American session, Gold is trading around 2,752, below 2,700, below 7/8 of Murray, and above the 21 SMA. Gold is showing signs of exhaustion. Therefore, the technical correction will go ahead in the next few hours and the price could reach 6/8 Murray located at 2,734.
A break below 6/8 Murray could mean a strong bearish acceleration and gold could fall towards the psychological level of 2,700 and could even find good support around 5/8 Murray located at 2,695.
On the other hand, if the 2,734 area where the 21 SMA and 6/8 Murray are located turns out to be good support, this area could be seen as a point to buy. Thus, gold could reach 7/8 Murray at 2,773.
Technically, gold is showing overbought signs. So, we expect a drop in gold at least to 2,734 in the next few hours. We must pay attention to this area, as below it, the metal could intensify its fall.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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