Early in the American session, gold is trading around 3,388, with a strong technical rebound after reaching 3,373, which represents the bottom of the uptrend channel and, in turn, the 21SMA.
Gold approached the psychological level of $3,400, but was unable to consolidate around the 7/8 Murray level, leading to a rapid technical correction. It is likely that gold could recover again and reach 3,398 and even surpass this barrier and reach the 8/8 Murray level at 3,437.
If gold sharply breaks the uptrend channel and consolidates below the 21 SMA, this could be seen as an opportunity to sell, with targets at 3,343, 3,320, and finally at the 4/8 Murray level of 3,281.
Key resistance levels for the coming hours are 3,391, 3,398, 3,411, and 3,437.
Immediate support levels for gold are 3,373, 3,359, and 3,343. The latter represents the 200 EMA, which gives the intrument a bullish outlook.
