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Early in the American session, Gold (XAU/USD) is trading around 2,322.45, below the 200 EMA, and above the 21 SMA. The odds are for a technical rebound, so the metal could resume its bullish cycle if it consolidates above 2,328 in the coming hours.
In case gold rebounds above 2,318, the outlook remains positive and we could look for opportunities to buy above this area with targets at 2,328 and finally at 3/8 of Murray located at 2,343.
In case gold breaks the bearish channel and falls below 2,315, the bearish movement is likely to accelerate and the instrument could reach 2/8 Murray as an important support. The break of this last support could change the gold cycle and we expect the price to weaken to the psychological level of 2,300 or even drop to the low of 2,289.
We are also seeing the formation of a bullish flag pattern. Its sharp break above 2,337 could mean confirmation of this pattern. Therefore, the metal could reach 2,362 in the coming days.
Our trading plan for the next few hours is to buy gold above 2,318 or ultimately above 2,312, with targets of 2,337 and 2,343.
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