Early in the American session, Gold is trading around 2,321, below the 200 EMA, and above 2/8 Murray. Gold could continue its rise in the coming hours and reach the strong resistance of 2,329. If gold fails to break the resistance of 200 EMA, it could be seen as an opportunity to sell.
According to the H4 chart, gold had formed a symmetrical triangle pattern since June 20. The metal has been trading within this pattern for the last few days.
Additionally, another symmetrical triangle pattern was formed yesterday after the fall towards 2,289. Both were broken which means that gold could continue its rise in the coming days.
In case gold finds strong resistance around 2,330, we could expect there to be a technical correction towards the 21 SMA or even towards 2/8 Murray located at 2,312.
On the other hand, in case gold continues to rise, a consolidation above 2,330 is expected to occur. Then, the outlook could be bullish. Therefore, gold could reach 2,343 and even climb to 4/8 Murray at 2,375.
