Gold opened this week's trading below the Murray 7/8 at 3,398, and from that point, we see a technical correction underway. A technical rebound is likely around 3,384, the bullish channel zone. If gold rebounds from this area, it will be seen as a buying opportunity with targets at 3,425.
On the other hand, if gold breaks below 3,380, the price is likely to reach the 200 EMA around 3,349 and could even reach weekly support around 3,341.
Gold is under bearish pressure, and a consolidation on the H4 chart below 3,350 could signal a strong technical correction in the coming days, potentially reaching the Murray 4/8 at 3,281.
Gold made a strong upward move above 3,300 following the US Non-Farm Payrolls releases earlier this month, and it's logical that the price will return to these levels in the coming days, reaching 3,281.
The eagle indicator is showing a negative signal, so we must be very cautious if we are buying, as the bearish force is likely to intensify in the coming hours and throughout the week.
