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Early in the American session, Gold (XAU/USD) traded around 2,309.21, bouncing after the publication of the United States data that came out negative, which favored a rebound in gold. Since the metal could not consolidate above 2,325, we are now watching a technical correction.
Gold is facing a critical point which could be decisive for the short-term trend. If the yellow metal trades below the 21 SMA located at 2,311 and below 5/8 Murray, it could continue its decline and the price could reach the low of 2,287 and even drop to the bottom of the downtrend channel around 2,262.
Gold could continue to rise in the coming days but the key would be to wait for it to consolidate above 2,312 or above 2,315. Then, we could look for opportunities to buy with targets at the 200 EMA located at 2,333. It could even reach the top of the uptrend channel forming since June 7 around 2,355.
Our trading plan for the next few hours is to wait for gold to recover the 2,312 area to buy. Should XAU consolidate above 5/8 Murray, this move could be seen as an opportunity to buy.
However, if it is difficult for gold to return to this price level of 2,315, the instrument will likely continue its fall. For this, we will look for opportunities to sell.
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