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Gold is trading around 2,617, bouncing back after hitting the low of 2,604. According to the H4 chart, gold has been within a bearish trend channel forming since September 23. It will likely continue to fall in the next few hours and could find good support around the psychological level of 2,600.
If gold bounces around $2,600 in the next few hours, it will be seen as an opportunity to buy, with targets at $2,625 and $2,644.
On the other hand, if gold breaks the key support at $2,600, it is likely to find the next support around the 200 EMA, which is located at $2,584, and finally around the 1/8 Murray, which is located at $2,578.
If gold consolidates above the daily pivot point at 2,625 in the next few hours, we could expect a recovery and the price could reach 2,640 and finally, the top of the downtrend channel around 2,647.
The eagle indicator reached the oversold zone. We believe that gold could rebound in the coming days only if it consolidates above the 200 EMA located at 2,584.
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