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Early in the American session, gold is trading around 3,245, reaching the top of the uptrend channel and showing the exhaustion of bullish strength.
In the coming hours, we believe the XAU/USD could undergo a technical correction to reach 3,204, where the 21st SMA is located. It could also reach the 5/8 Murray, which could serve as a point for further decline.
At the beginning of this week's trading, gold left a gap around 3,195. This gap will likely be covered in the coming hours. If the bearish strength prevails, gold could reach the 4/8 Murray around 3,125.
Conversely, if gold undergoes a technical correction and closes the gap it left at 3,200, it will be seen as an opportunity to resume buying. So, the instrument could then reach 3,220 and even the 6/8 Murray around 3,275.
Gold left another gap on May 8 around 3,325 and is likely to break above 3,250. The outlook could be bullish, and we could expect it to cover this gap and even reach 7/8 Murray at 3,360.
The Eagle indicator is showing a negative signal. Hence, we will look for selling opportunities in the coming hours, as the gold price trades below 3,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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