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Gold is trading around 2,253, above the 21 SMA, and above 8/8 Murray. Yesterday during the European and American session, gold made a strong technical correction from the level of 2,265 towards the 2,230 area. The metal left a gap around 2,232 at the close on Friday and this GAP was covered.
According to the Fibonacci indicator, after the technical rebound from the low of 2,230, the price reached the 61.8% Fibonacci at 2,252. We believe that if gold consolidates above this area, we could expect there to be a continuation of the bullish movement until reaching 100% of the Fibonacci correction around 2,265. The price could finally reach +1/8 Murray located at 2,281.
In case gold falls below 61.8% Fibonacci and consolidates below 8/8 Murray, we could expect a resumption of the bearish cycle and gold could reach the psychological level of 2,200 and even reach 200 EMA located at 2,197.
The daily pivot point is located around 2,250. So, we reckon that above this area, gold could continue to rise in the coming hours and could reach the daily resistance (R_3) located at 2,270.
Given that gold maintains an uptrend channel formed since March 27, according to the H1 chart, it is showing an overbought signal. A sharp break of this channel and a consolidation below 2,245 could be seen as a clear signal to sell.
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