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Early in the American session, gold is trading around 3,276 with bearish pressure after finding strong resistance around 3,270, a level that coincided with the 38.2% Fibonacci retracement.
Gold could now be reaching support levels, and consolidation is expected in the coming hours.
Gold is trading in a technical rebound zone. The Eagle indicator has reached oversold levels; a recovery in the gold price is likely in the coming days, potentially reaching 61.8% around 1,420.
Meanwhile, we can look for opportunities to buy above the Murray 6/8 at 3,280, with targets at 3,359, 3,390, and 3,420.
Conversely, if gold consolidates below 3,270 and falls below this zone, it is likely to continue its bearish cycle and could reach 5/8 of Murray at $3,200.
Our trading plan for the coming hours is to buy above 3,270 or above 3,281, with short-term targets around 8/8 of Murray.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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