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Early in the American session, gold is trading around 2,428 with a bullish bias and approaching the resistance zone that coincides with the top of the uptrend channel and 6/8 Murray.
In the next few hours, the price of gold could reach a key zone, which would act as a barrier, since 2,437 represents a strong resistance. If the instrument fails to consolidate above this zone, we could see a technical correction.
If gold fails to consolidate above 2,437, it could turn around and drop to 5/8 Murray around 2,406. The metal could even reach the bottom of the uptrend channel around 2,397.
Additionally, we see the formation of a rising wedge pattern on the H4 chart. If the gold price breaks and consolidates below 2,424, we could expect a technical correction and the price could reach the 21 SMA at 2404.
If gold continues its rise, we should look for opportunities to buy above 2,437 as above this area, gold could return to early August price levels around 2,460. The instrument could even reach 7/8 Murray at 2,468.
The eagle indicator is in the overbought zone. We reckon, if there is a pullback towards 2,437 and the price settles below this area, it will be seen as an opportunity to sell.
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