Early in the American session, Gold (XAU/USD) is trading around 2,797 with a bullish bias above the 21 SMA and within the uptrend channel forming since January 13.
Gold is expected to reach the psychological level of $2,800 in the next few hours or it could even reach 8/8 Murray around 2,812. The instrument could even break through and reach the weekly resistance located at 2,823.
If a technical correction occurs, the gold price is expected to find good support around 2,780 which could be seen as an opportunity to resume buying with a target at 2,812.
In case gold falls below 2,780, the outlook could be negative and we could expect a technical correction towards the 21 SMA located at 2,769. Besides, the price could even reach the bottom of the uptrend channel around 2,761.
The trend remains bullish for gold. Since technically, we see strong buying opportunities, we believe that gold could reach the key level of 2,812 in the coming days.
The Eagle indicator is showing a positive signal, so we will look for buying opportunities in case there is a technical correction towards 2,780 or even towards 2,769.
