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Early in the American session, Gold (XAU/USD) is trading around 2,446, below the 21 SMA, and above the 6/8 Murray. The yellow metal is trading under strong volatility, so unexpected moves are likely to continue during this week.
Following the fundamental inflation data, gold reached a high of 2,469 and from that level, it made a strong technical correction reaching 2,430. Since then, it has rebounded and it is likely to continue rising until reaching the 21 SMA at 2,459.
If gold reaches levels between 2,450 and 2,460 in the next few hours and manages to consolidate below this area, it could be seen as a signal to sell because the metal could resume its bearish cycle and could reach 2,437 and finally 5/8 of Murray at 2,406.
The eagle indicator has reached the extremely overbought zone. Thus, we believe that a technical correction could occur in the coming days. If gold price consolidates below 2,460, the outlook will remain negative and any technical bounce will be seen as an opportunity to sell.
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