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Early in the American session, gold is trading around 2,364.25, below the 6/8 Murray, and above the 21 SMA and 200 EMA with a bullish bias but showing signs of exhaustion. Gold has strong resistance around 2,367 and 6/8 Murray at 2,375 and could finally reach the June 7 high around 2,387.
A consolidation above 2,375 on the daily chart could mean an advance for gold. Therefore, it could reach the psychological level of 2,400 in the short term and even climb to 7/8 Murray at 2,437.
If a technical correction occurs in the next few hours, we could look for opportunities to sell below 2.368. In case of a pullback towards 2,375, it will also be seen as an opportunity to sell with targets at 2,350 and 2,341.
On the other hand, in case of a technical correction, a good level to resume long positions could be located at 2,338 or 2,332 (200 EMA). From this level, we could look for opportunities to buy with the target at 2,375.
The eagle indicator is sending overbought signals which means a technical correction is likely to occur while gold is trading below 2,375. This could happen in the next few hours or days.
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