Early in the American session, XAU/USD is trading around 2,303, bouncing after consolidating above 2,857. Importantly, the metal remains under bearish pressure.
This technical rebound in the last few hours could allow us to resume sales. If gold attempts to break 5/8 Murray but fails and settles below 2,312, it will be seen as a clear signal to sell with targets at 2,285 and at the bottom of the downtrend channel around 2,270.
On the contrary, if gold returns and consolidates above 2,313, the outlook could remain positive, but we should expect it to continue rising until the price reaches the 200 EMA located around 2,337.
In the next few days, we expect gold to fall towards 2,270. Alternatively, we assume a rebound to reach 2,337. At the levels of 2,285 and 2,328, there are GAPs which gives us an idea that gold could move within this price range in the coming days.
Our trading plan for the next few hours is to sell below 2,312, with targets at 2,302, 2,285, and 2,270.
