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Early in the American session, gold was trading around 2,738 and below the high at around 2,740.55, showing a strong overbought signal. In the H4 chart, we observe an exhaustion of the bullish force. Therefore, we believe that an imminent technical correction could occur in the next few hours.
Gold is now trading within a secondary bullish trend channel forming since October 15th. A break below 2,735 could trigger a drop towards 2,716 and the price could even reach the 21 SMA around 2,702.
Given that gold is strongly overbought, we believe that any strategy could be to sell, since it is very difficult for gold to continue rising at the current price levels until it makes a technical correction again.
If gold consolidates above 2,740, another bullish sequence could occur so that the metal could reach the 2,770 area which coincides with the top of the bullish trend channel.
Our trading plan for the coming hours is to sell gold at current price levels below 2,740, as the Eagle indicator has reached the 95-point zone which represents a strong bearish signal.
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