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Early in the American session, the XAU/USD is trading around 3,370, below the 21 SMA under bearish pressure. We believe a technical rebound could occur in the coming hours if the metal consolidates above the 7/8 Murray level.
If the gold price continues to fall, an acceleration below 3,360 could signal a trend reversal, and we could expect the instrument to reach the 200 EMA located at 3,322 and even reach the 6/8 Murray level at 3,281.
A return above 3,390 could change the gold cycle, and we could expect it to reach 3,437 and even the psychological level of 3,500.
A negative outlook for gold is observed on the H4 chart, so we must be cautious, as any technical rebound will be seen as an opportunity to continue selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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