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Early in the American session, gold is trading around 3,273, rebounding after reaching a low around 3,254. It is likely to continue rising in the coming hours, reaching the 6/8 Murray level at 3,281.
Gold is trading within a trend channel formed on June 11. On the H4 chart, it is showing signs of exhaustion, which indicates a potential technical rebound, and it could reach the 200 EMA around 3,320.
On the H4 chart, we can see that gold is reaching oversold levels, as a technical rebound is likely to occur in the coming days, reaching 3,300 and even the 7/8 Murray level at 3,359.
Technically, we believe that in the short term, gold could continue its fall and expect it to reach the 5/8 Murray level support around 3,203. The instrument might even cover the gap around 3,188 it created in May.
If gold rebounds and consolidates below 3,320 in the coming days, it will be seen as an opportunity to sell with a target at 3,203.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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