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Gold is trading around $4,419 with a strong upward movement after the opening of this week's session. Gold is approaching the weekly resistance level of $4,435. Hence, after this strong upward momentum, there will be a sharp technical correction in the coming days.
Gold has strong resistance around $4,430-4,435, which could act as a barrier, so we could expect a technical correction in the coming hours.
If the price is rejected in this area, it will be seen as an opportunity to open short positions with a target at the 8/8 Murray around $4,375. Finally, we expect the price to cover the gap left at the close of last week around $4,339.
A consolidation above $4,430 could mean strong upward momentum for gold. Therefore, it could reach +1/8 Murray around $4,531 in the short term.
The Eagle indicator is showing signs of extreme overbought conditions, so we expect a technical correction in the coming hours towards the psychological level of $4,400.
Since the opening of trading this week, gold has gained more than $90 from that initial price and is now facing the possibility of a technical correction. We must be cautious about it. Gold could return to the support level of $3,330 in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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