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Early in the European session, Gold (XAU/USD) is trading at 1,798, below the top of the bullish channel and showing some technical correction after a bullish rally during the American session on Thursday.
Gold rose to 1,804.28, its highest since early August. XAU/USD was propped up by a prolonged dollar sell-off and falling Treasury yields.
Gold started a bullish rally on Wednesday when it was trading at 1,750, after a dovish message from US Fed Chairman Jerome Powell. Currently, US Treasury yields continue to fall, keeping pressure on the US currency.
In the next few hours, it is likely that Gold will have a strong technical correction and could fall towards +1/8 Murray located at 1,781. This level could trigger a new rally and the price could reach again the psychological level of 1,800 and even towards +2/8 Murray at 1,812.
In case of a pullback to the top of the uptrend channel around 1,804 -1,812, it will be considered a signal to sell, with targets at 1,790 and 1,781. Below this level, we could expect a drop to the 21 SMA located at 1,760.
In the 4-hour chart, we can see that Gold remains within an uptrend channel formed since November 18. Since it is reaching overbought levels, we can sell on the technical correction. A technical correction can be expected in the next few days towards the key area of 1,780, only if the asset trades below $1,812.
Non-farm payroll data will be published early in the American session, this data is likely to generate strong volatility in gold and it could reach the resistance zone of 1,812. In case there is a rejection of this level, it will be the signal to sell with targets at 1,780 and 1,760.
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