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Early in the American session, gold is trading around 2,662 below the 21 SMA within the uptrend channel forming since December 23. Gold could continue its fall in the next few hours until it hits the pivot point of 2,656.
On the other hand, in case gold bounces within the uptrend channel, it will be seen as an opportunity to buy with the target at 2,675. If the price breaks and consolidates above this area, we could expect it to hit the psychological level of $2,700.
Another important support is located around the 200 EMA at 2,649. This level could offer a last chance for gold to continue rising. So, it could favor a new rally that could take the gold price up to 6/8 Murray at 2,737.
On the contrary, with consolidation below 2,650 on the H4 chart, the outlook for gold could be negative. Therefore, we could expect it to reach 2/8 Murray at 2,578 in the short term. The metal could even cover the gap it left at 2,562 and finally, reach the psychological level of $2,500.
Our trading plan for the coming days will be to buy above 2,650 and sell below 2,675. Below 4/8 Murray, the outlook could be negative for the coming days.
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