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Gold is trading around 2,444 within a symmetrical triangle pattern and within the uptrend channel forming since August 5. Above 6/8 Murray, the outlook could be positive.
Because gold could continue its rise in the next few hours as it broke 2,437, it is likely to continue its bullish bias until the price reaches the weekly resistance of around 2,459. The instrument could even reach 2,468.
Gold is showing signs of exhaustion. So, we believe that in case a pullback occurs towards the top of the uptrend channel or the strong resistance at 2,459 -2,468, we could expect a strong technical correction during which the metal could reach the 21 SMA located at 2,418 and even 5/8 Murray at 2,406.
If the gold price falls below 2,437, it could confirm a trend change and we could see this as an opportunity to sell targeting 2,413 or even above the 200 EMA located at 2,396.
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