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Early in the American session, gold was trading around 2,656, below 2/8 Murray, and above 21 SMA with a bullish bias but showing signs of exhaustion.
Gold reached the high of 2,667 during the European session and since then it has been following strong technical correction and is likely to reach the 2,660 - 2,665 zone.
Technically, we can expect that gold will make a strong technical correction in the next few hours and the price could reach 2,636 and even the low of 2,602 printed last week.
According to the H4 chart, we can see that gold has been within a bearish trend channel since September 20th. Therefore, any failed attempt to break the 2,667 zone will be seen as an opportunity to resume selling with targets at 2,641, 2,636 and finally 2,598.
The Eagle indicator is under a bearish pressure line. This is a sign that gold has been running out of the bullish strength. So, as long as the gold price consolidates below 2,665, we could see this as an opportunity to sell whenever it approaches this resistance zone.
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