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Early in the American session, gold is trading around 3,032, undergoing a strong technical correction after reaching a new all-time high around 3,057.
Despite selling pressure from profit-taking, it could resume its bullish cycle if the price consolidates above the 21 SMA located around 3,023 in the coming days.
On the H4 chart, we can see that gold is still within an uptrend channel forming since March 10, which means that after a technical correction, traders could buy gold again. Regarding technical levels, we can see that gold has strong resistance around 3,062. Breaking above this level, the instrument could reach the 8/8 Murray level at 3,125.
A consolidation below 3,023 (21 SMA) and a breakout of the uptrend channel could change the outlook for gold in the short term.
We could see a technical correction towards the psychological level of $3,000 during which the metal could even reach the 6/8 Murray level located around 2,968.
The eagle indicator is now giving a negative signal. So, as long as the gold price remains below $3,057, any technical rebound will be seen as a selling opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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