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Early in the American session, gold is trading around 2,499, reaching the psychological level of 2,500 and near the top of the downtrend channel forming since August 20. On the H1 chart, gold is trading above the 200 EMA and above the 21 SMA, which suggests that it could extend its rise in the coming hours, but now it is facing a resistance zone that could prevent the rise.
The FOMC minutes affected the strength of gold, which caused a sharp drop in gold from $2,519 to a low of $2,472. From this point, it resumed its bullish cycle.
We currently believe that the XAU could make another bearish correction in case the price fails to consolidate above 2,505.
If gold breaks and consolidates above 2,505, the outlook could be positive. So, it is expected to reach the first daily resistance of around 2,509 -2,511. Once these levels are surpassed, it could reach 2,531 and finally 2,539.
We should pay attention to the psychological level of $2,500. Below this area, the outlook will remain negative and we can sell with targets at 2,489 and 2,482 and finally, at 2,478. A technical rebound is expected around these levels.
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