Early in the American session, gold is trading around 3294, rebounding after reaching the bottom of the uptrend channel formed on May 14, above the 6/8 Murray level, and below the 21st SMA.
Gold made a sharp technical correction during the European session and is now consolidating above the 6/8 Murray level, suggesting a possible technical rebound in the coming hours, potentially reaching 3,327.
On the other hand, if gold maintains bullish momentum, the price could break above resistance at 3,330, and then we could expect a new bullish sequence, potentially reaching 3,437, the 8/8 Murray level.
If bearish momentum intensifies, we should expect confirmation of a sharp break below the 6/8 Murray level and consolidation below this area on the H4 chart.
Then, the outlook could be negative, and gold could quickly reach the 200 EMA around 3,251, or even reach the 5/8 Murray line around 3,203.
Gold left a gap around 3,198. Gold could close this gap if falls below the 6/8 Murray line, and it could even reach the psychological level of 3,125, which coincides with the 4/8 Murray line.
