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Early in the American session, gold is trading around 2,645.74, below the 200 EMA, below the 21 SMA, and below the 4/8 Murray. We can see that after having reached the low at about 2,622, gold resumed its bullish cycle and is now approaching the strong resistance at 2,656.
If gold consolidates above 2,650 in the next few hours, the outlook will be positive. Hence, the instrument could reach 2,656 and even the 5/8 Murray at 2,695.
In case the XAU finds a strong rejection around the 200 EMA or 4/8 Murray, it could be seen as a signal to sell with targets at 3/8 Murray and finally, around the psychological level of 2,600.
Gold left a gap at about 2,560. This has not yet been covered yet. The metal is expected to reach the area of around 2,590 - 2,560 in the next few days and even reach 1/8 of Murray at 2,539.
The eagle indicator is showing a positive signal, but confirmation will only be given if the gold price consolidates above 4/8 of Murray at 2,656. Otherwise, this technical rebound will be viewed as an opportunity to sell.
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