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Gold is trading around 2,330, within the uptrend channel, and above the 21 SMA. Last week, gold reached the top of this uptrend channel around 2,352 and pulled back to hit the bottom of this channel at 2,319. Since then, the price has been bouncing and is now expected to continue rising. The metal could reach the top of this channel again at about 2,361.
In case gold consolidates above 2,320 in the coming days, the outlook will remain positive. In case there is a rebound around 5/8 Murray located at 2,312, we could still have hope to continue buying, with the target at 2,375.
On the contrary, a sharp break of the bullish channel and a consolidation below 5/8 Murray could escalate the bearish movement. So, gold could reach 2,277 and, finally, 4/8 Murray located at 2,250.
Meanwhile, we could take into account the 2,322 - 2,330 area, as these are immediate support levels for gold. Hence, we could buy above this area with targets at 2,345 and 2,361. Eventually, if gold breaks 6/8 Murray, the metal could reach and cover the GAP which was left on April 19 around 2,392.
The market sentiment shows that there are 54.13% of traders who are buying gold. This signal could indicate that gold could rise in the coming days until the price reaches the resistance of 2,375 or 2,392. From there, it could resume its bearish cycle and could reach the psychological level of 2,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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