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Early in the American session, gold was trading around 2,647, above the 21 SMA, and at the 200 EMA with a positive outlook but showing signs of exhaustion after having found strong resistance around the 4/8 Murray.
If gold bounces around 2,642 in the next few hours and consolidates above this area, it will be seen as an opportunity to buy and the price could return to 2,656. Once this area is surpassed, the instrument could reach 5/8 Murray at 2,695.
Besides, if gold continues its fall, we could expect it to reach 2/8 Murray at 2,578. The instrument could even come close to covering the gap it left at 2,562. Finally, gold could reach the psychological level of 2,500.
On the contrary, if gold consolidates above 2,656, the outlook could be positive and we could expect a strong bullish momentum with the nearest target at 6/8 Murray located at 2,734.
We should pay attention to the 200 EMA, a key level that could signal the direction that gold could take in the next few days. The eagle indicator is giving a negative signal. Therefore, the metal is likely to trade under bearish pressure.
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