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Gold is trading at $4,657 in a strong resistance zone and could also face the 8/8 Murray line around $4,687. This level is important for gold because it represents strong resistance that also coincides with the upper band of the uptrend channel. Therefore, we believe that after an unsuccessful attempt to break through this level, a sharp technical correction could occur.
Given that gold is in an overbought zone and is technically attempting to break through the upper band of the uptrend channel, we should monitor whether the price remains below $4,687. The closer the price gets to this zone, the more it could be seen as an opportunity to open short positions.
If gold fails to break above the strong resistance at $4,687 in the coming days, we could look for strong resistance around this zone to sell, with targets at $4,609, at the 21 SMA around $4,555. Finally, we expect to find solid support around the 6/8 Murray level at $4,531.
A good point to sell would be if the price shows a bearish signal. Currently, we are observing a Doji pattern and a loss of bullish momentum, so technically, the market could be setting up for a technical reversal; our focus will be on monitoring the $4,687 area, and below this level, we expect gold to fall.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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