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Early in the American session, gold is trading around 3,131 within the uptrend channel that has formed since March 11, reaching high overbought levels. A strong technical correction is expected to occur in the coming hours toward the 21st SMA located at 3,091. The price could even reach the bottom of the uptrend channel around 3,065.
The gold price reached a new all-time high at 3,149 during the European session. It is now undergoing a technical correction. The downward move is likely to continue during the American session until the price reaches the support at 3,115.
If gold attempts to break above its high, we should expect it to challenge the top of the uptrend channel around 3,144 once again. If gold fails to break this zone, it will be seen as a selling opportunity.
On the other hand, if the price consolidates below the 8/8 Murray level at 3,125, the outlook will be negative. So, we believe the instrument could reach 3,091 in the short term and eventually climb to the 7/8 Murray level at 3,046.
Our trading plan for the next few hours is to sell gold below 3,144 with targets at 3,125, 3,091 and finally, 3,070. The eagle indicator is showing a negative signal, which supports our bearish strategy.
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