Early in the American session, gold is trading around 3,126, below the 8/8 Murray, and below the 21st SMA, under strong bearish pressure and strong volatility.
We believe that gold could continue its decline in the coming hours and could reach the 7/8 Murray level at 3,046.
On the other hand, a consolidation above 3,120 could signal a resumption of the bullish cycle, and gold could reach its high of 3,167 and even touch the +1/8 Murray level at 3,203.
Besides, this area represents important support as it coincides with the high recorded on March 17.
We believe that a technical rebound could occur, so this area could be seen as an opportunity to buy.
