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Early in the American session, gold is trading around 2,778 reaching a high at 2,781 for now. Gold is showing bullish momentum, but technically, exhaustion and overbought levels are observed.
If gold falls below 7/8 Murray at 2,773 in the next few hours, we could expect a technical correction to occur and the price could reach the 21 SMA located at 2,754. Finally, gold is expected to reach the support of 6/8 Murray at 2,734.
7/8 Murray is not a strong resistance for gold. So, we believe that gold could reach 8/8 Murray located at 2,812 in the next few days.
Meanwhile, a technical correction could be expected around 2,750. From this point, a technical rebound could benefit gold bulls. Thus, the instrument could continue its rise until reaching the target of $2,800.
Our trading plan for the next few hours is to sell gold below the top of the uptrend channel around 2,780, with a target at 2,754. The Eagle indicator is overbought which could lead to a drop in gold in the next few hours.
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