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Gold is trading around $4,427 with strong upward momentum. After breaking through the 4/8 Murray line around $4,375, it continues to rise until it reaches the upper band of the channel around $4,435.
Gold is reaching strongly overbought levels around $4,430, where the daily R1 is located. Below this area, we could expect a technical correction in the coming hours toward the 4/8 Murray line at $4,375 and $4,326 (200 EMA).
If the instrument maintains upward momentum, we could look to $4,453 as a key level for opening short positions, as technically, a correction toward the 200-day moving average around $4,326 is likely to occur below this level.
A potential uptrend could emerge above $4,453; however, there is a strong likelihood that a technical correction will occur first, given that gold has continued to rise for several consecutive days from the $4,062 level. For now, we are seeing signs of a correction that would prevent the price from a further rise, as extremely overbought conditions are evident.
Following a technical correction toward the 200 EMA at $4,326 or the 3/8 Murray level, this could be a key point to open long positions, with targets at $4,375 and potentially even at $4,453.
Our trading plan for the coming hours is to wait for gold to reach resistance levels around $4,430 or $4,453 to sell, with targets at $4,375 and $4,326.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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