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Early in the American, session gold is trading around 2,389, within the downtrend channel forming since July 17, and above the 21 and 200 EMA which gives us a positive outlook. At the same time, the metal lacks the strength to break the downtrend channel.
If gold breaks the bearish trend channel and consolidates above 2,390 in the next few hours, the outlook could be positive. Thus, it will be seen as a signal to buy with targets 2,413 and finally, 7/8 Murray located at 2,435.
On the other hand, if gold falls below the 200 EMA and below 6/8 Murray, the outlook could be negative. Therefore, the yellow metal could resume its bearish cycle and then, it could reach 2,351 and finally, 5/8 Murray located at 2,312.
Technically, gold is oversold and we believe that in the next few days, the price could continue its rise, but we should wait for a confirmation and consolidation above the psychological level of 2,400. Then, it could reach 2,435 and even the Murray 8/8 at $2,500.
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