Early in the American session, gold is trading around 3,346, below the 7/8 Murray and above the 21 SMA and the 200 EMA, with a bullish bias.
We can see that gold reached the 7/8 Murray level on the H4 chart. This has become strong resistance, so we believe a technical correction could occur below this level in the coming hours.
Yesterday, we observed gold reaching a low of 3,238, where it found a technical rebound, as this coincided with the bottom of the downtrend channel.
Gold has a bullish bias, having reached oversold levels since June 26. It is likely that after a technical correction, it could resume its bullish cycle and reach the 8/8 Murray level at 3,437.
If gold falls below 3,359 in the coming hours, we could expect it to reach the 200 EMA around 3,321. This area will be seen as an opportunity to resume buying, as a bullish trend is emerging.
The eagle indicator is showing a positive signal, so we could take advantage of a technical rebound around 3,320 or 3,305. Both levels could provide gold with good support and a buying opportunity.
