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XAU/USD is trading around 1,716. This level coincides with the -1/8 Murray and the 21 SMA. In case the price consolidates above this zone, it is expected to resume its upward movement and could reach the top of the downtrend channel at around 1,730.
The strength of the US dollar and the worsening prospects for gold demand, amid growing fears of a recession, continue to weigh on the price of the precious metal.
The technical picture shows that gold remains extremely oversold and the price has been settled below the 200 EMA located at 1,794. Any failed attempt to break above this level will be seen as an opportunity to resume selling.
A sharp break of the downtrend channel formed in early July (1,730) could mean an acceleration to the upside and the price could reach 1/8 Murray at around 1,781.
The level of 1,718 (21 SMA) appears as the first resistance. If gold fails to consolidate above this level, we could expect a further bearish move, and the price could reach the psychological level of 1,700 and drop towards -2/8 Murray at 1,681.
The market sentiment report shows that there are 86.58% of traders who are buying gold and 13.42% who are selling. This is a sign that a major technical bounce will occur in the next few days and then the metal will resume the downtrend.
Our trading plan for the next few hours is to buy gold if it consolidates above 1,716 with targets at 1,730. In case of a break above the top of the downtrend channel, we could expect an acceleration to the upside and the price could reach 1,750 and 1,781.
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