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Gold is trading around 2,450 and below 7/8 Murray, following a strong technical correction. Today after the US inflation data, gold fell sharply from the high of 2,480. Now, we see that the instrument has a bearish bias and is likely to continue falling in the next few hours until it reaches 6/8 Murray at 2,437.
Gold could make a technical bounce, which is realistic due to good strong resistance at 2,468. Once this level is reached, it could be seen as an opportunity to sell. Thus, gold could reach 2,417 in the short term and could even plunge to 2/8 of Murray at 2,312.
Gold could make a good technical bounce if it consolidates around 2,437. Then, we could look for buying opportunities with targets at 2,452 and 2,468.
The Eagle indicator is giving a negative signal. So, we believe that any technical bounce could offer an opportunity to sell. As long as gold trades below 2,375, the outlook remains negative.
The triple top pattern formed around 2,475 is being confirmed, so we believe that gold could reach the psychological level of $2,300 in the medium term.
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