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Early in the American session, Gold is trading around 2,309 within the bearish channel that formed after reaching the all-time high of 2,450 on May 20. On the H1 chart, we can see that gold has found support at about 2,405, which has given gold a technical rebound on several occasions.
If gold consolidates above the first daily support (S_1) around 2,405 in the next few hours, we could look for opportunities to buy with the target at 2,420.
On the contrary, in case gold breaks and consolidates below 2,405, we could look for opportunities to sell with the target at the bottom of the downtrend channel around 2,385 or at the 200 EMA located at 2,388.
According to the H1 chart, the eagle indicator has reached the oversold zone. So, a technical rebound will likely follow in the next few hours. If bullish strength prevails and if gold breaks the bearish channel and consolidates above 2422, we could look for opportunities to buy.
Our trading plan for the next few hours is to buy gold above 2,405 with targets at 2,417, 2,434, and finally 2,450. Our strategy could be bearish if gold falls below the psychological level of 2,400.
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