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Gold reached a new high of around 3,791.08 during the European session. From that level, we have seen a series of technical corrections, so the instrument is likely to trade under bearish pressure in the coming days. Gold could reach the 38-period moving average area around 3,697.
If the gold price forms a double top pattern around 3,790, it could be seen as a clear signal to hold short positions in the short term.
On the other hand, if the gold price breaks 3,791, it could reach +1/8 of the Murray level around 3,828.
The Eagle indicator is giving a negative signal, so with any technical rebound and as long as the gold price consolidates below 3,800, it will be seen as a signal to sell, with targets at the bottom of the uptrend channel around $3,700.
If the gold price breaks the uptrend channel and consolidates below the 38-period moving average at 3,697, it will be seen as a short-term selling signal. The price could reach the psychological level of $3,500.
Our trading plan for the next few hours is to sell gold if there is a technical rebound around 3,770 or 3,785. Below these two levels, traders will plan opening short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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