Early in the American session, gold is trading around 3,051 and above the 7/8 Murray level, reaching an all-time high of 3,057.
Gold could attempt to surpass its high reached on March 18. If the price consolidates above the 7/8 Murray level at 3,045 in the next few hours, it could then reach the 8/8 Murray level at 3,125.
Gold is very sensitive, especially to events in the United States, such as the announcement of new tariffs on non-US-made cars. The news raised the price of gold. So, it is likely that after a break above 3,060, gold could continue its rise in the coming days.
According to the H4 chart, we observe that the double top pattern suggests that a technical correction should occur in the next few hours toward the 21 SMA located at 3,023.
After several days of forming a symmetrical triangle pattern, gold has finally broken out higher. We believe the price could face a barrier around 3,057.
If gold fails to break above 3,057, it will be seen as a signal to sell with a target at 3,023. Moreover, we could expect it to reach the 200 EMA around 2,938 in the short term.
Be careful with the 3,045 level. If the price of gold remains above this area in the coming days, the outlook could remain bullish, hence, selling should be avoided.
