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Early in the American session, gold is trading at 3,029 within the downtrend channel formed on March 18 and above the 21 SMA. We are observing the exhaustion of bullish strength.
Gold is testing the top of the downtrend channel. If it fails to consolidate above 3,034, we could expect a technical correction.
Gold could continue its bearish cycle in the coming days. To confirm the downtrend, we should expect consolidation below 3,020, then the price could reach the 6/8 Murray at 2,968, and eventually reach the 200 EMA around 2,939.
On the other hand, if gold consolidates above 3,034 in the coming hours, we could expect it to reach 7/8 Murray at 3,046. Beyond this level, gold should surpass its all-time high and could then reach around 3,125, around 8/8 Murray.
The eagle indicator is showing negative signals. The chart shows that gold is showing signs of exhaustion, so we believe a decline below $3,034 could occur in the coming hours.
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