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Early in the American session, gold (XAU/USD) is trading around 2,636.42, within the bearish trend channel forming since September 25 with a strong technical correction after having tried to break the 21 SMA (2,660).
In the European session, gold was trading around 2,657, the level matching the top of the downtrend channel and the 21 SMA, both of which acted as strong resistance and put pressure on gold.
Technically, gold is going through a strong correction and is likely to continue falling in the coming hours until it reaches the bottom of this channel around 2,633.
In case a technical bounce occurs and gold consolidates above 2,630 or above the bottom of the downtrend channel, it could be seen as an opportunity to resume buying with targets at 2,645 and 2,656.
With a sharp break below 2,630, gold could fall to 5/8 Murray around 2,578 and finally, to the 200 EMA around 2,552.
The Eagle indicator has been following a descending channel, which suggests that gold could recover in the coming hours. So, we could look for opportunities to buy while the price consolidates above 2,630.
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