Early in the American session, Gold traded at around 2,319.46 within a symmetrical triangle pattern, with a possibility of a further rise as it consolidated above 5/8 Murray.
In the next few hours, gold could continue to rise but should break the strong resistance of the 200 EMA located at 2,332. If gold consolidates above 2,335, the outlook will be positive because the symmetrical triangle pattern was broken. Therefore, the price could reach 6/8 Murray at 2,375.
On the contrary, if gold falls below 5/8 Murray, we could expect there to be a strong bearish acceleration and it could fall towards the support of 2,308 and finally to the psychological level of 2,300. Below this, the metal could accelerate the fall towards 4/8 of Murray located at 2,250.
The eagle indicator is giving a positive signal. Thus, if the instrument consolidates above 2,312 in the coming days, the outlook will remain positive and we could look for opportunities to buy with targets at 2,330, 2,345, and 2,375.
