Early in the American session, Gold (XAU/USD) was trading around 2,612, below 3/8 of Murray, and below 200 EMA with very low volatility as markets are closed this week for the holidays.
Gold could continue its fall if it consolidates below 3/8 Murray at 2,617 and could reach 2/8 Murray at 2,570 and even return towards 1/8 Murray at 2,539.
On the H4 chart, we see a bearish trend channel. Therefore, as long as XAU/USD trades within this channel, the outlook could remain negative and the metal could reach the psychological level of 2,500 in the short term.
On the other hand, a break and consolidation above 2,620 in the next few days could push the price up to 2,646 and even towards 4/8 Murray at 2,656.
