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Early in the American session, XAU/USD is trading around 3010.85, below the bearish trend channel forming since early April and bouncing off the low of 2,948.
Gold is trading above the 200 EMA and above the 6/8 Murray, which means the metal could continue its rally in the coming days, potentially reaching the 7/8 Murray at 3,046 and even testing the top of the downtrend channel around 3,070.
If gold falls below 3,020 in the coming hours, we could expect a technical rebound around the 200 EMA located at 2,993 or 2,965 (6/8).
If gold consolidates below the 200 EMA, we could expect it to again reach the 6/8 Murray at 2,968, and this area could even serve as a good point for a technical rebound.
Gold is expected to continue its uptrend in the coming hours. Should it break above 3,020, we could expect it to continue rising to 3,046, 3,051, and eventually reach 3,070.
Our trading plan for the coming hours is to sell gold below 3,020, as technically there is a bearish trend channel. If gold fails to break above this level, it will be seen as a signal to sell.
The eagle indicator is showing a bullish signal, so we must be cautious, as gold could continue rebounding in the coming days.
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