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Early in the American session, gold is trading around 2,028.56, above the 21 SMA, and above the 200 EMA located at 2,029. Gold has strong resistance around 2,031, a zone that coincides with the 2/8 Murray. The zone is likely to exert pressure in the coming hours.
In case gold consolidates above 2,031, the price could continue its rise and reach the top of the bullish trend channel forming since February 13 around 2,040. The instrument could even reach 3/8 Murray located at 2,046.
On the other hand, if gold breaks and consolidates above the 200 EMA and breaks the uptrend channel around 2,020, this move could be seen as a clear signal to sell with targets at 2,015, at the psychological level of $2,000 and finally, at -1/8 Murray of 1,984.
As long as gold trades above the 200 EMA located in 2,024, any technical rebound will be seen as a signal to buy with targets at 2,046 and 2,062. The eagle indicator is giving a positive signal but showing signs of exhaustion.
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