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Early in the European session, XAU/USD was trading around 2,589 with a strong technical bounce, within the downtrend channel forming since October 31, above the 21 SMA, and above the 2/8 Murray.
On the H4 chart, we can see that gold reached a low of 2,537 last week after a strong technical correction. Then, the price quickly recovered in a few days to reach the psychological level of $2,600.
On the H4 chart, we can see that gold left a gap at about 2,562. The metal is expected to continue its decline in the next few hours until this gap is covered. If the bearish pressure prevails and in case there is a sharp break below 2,550, gold could continue its bearish cycle and reach 2,539.
On the other hand, if gold makes a sharp break above the downtrend channel and consolidates above the psychological level of 2,600, the outlook could be positive and it could reach 4/8 Murray at 2,656 in the next few days, a strong resistance level that coincides with the 200 EMA around 2,659.
Technically, gold is oversold but a technical correction is expected in the coming days. Below the main downtrend channel ($2,600), selling pressure could intensify.
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