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Early in the American session, gold is trading around 3,009.75, undergoing a technical correction. The metal is likely to continue falling until reaching the 200 EMA located at 2,985, an area that represents important support.
If gold rebounds above the 200 EMA in the coming hours, which represents dynamic support, this could be seen as a buying opportunity with targets at 3,020, the 7/8 Murray around 3,046, and finally the top of the downtrend channel around 3,075.
Early in the session this Monday, gold reached the 6/8 Murray around 2,968. From there, we saw a strong recovery, and the price reached the 7/8 Murray at 3,056. This suggests that gold could be preparing for a further upward movement in the coming days.
The eagle indicator is reaching oversold levels, so we could look for opportunities to buy the metal above 2,968 or above 2,985 for 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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