Gold, having reached 61.8%, is resuming its bearish cycle and is now consolidating below the 21SMA and the 200EMA, which could further indicate the possibility of a continuation of the bearish movement.
If gold consolidates below the 200EMA at 3,350 in the coming hours, any technical rebound will be seen as a signal to sell, with targets at 2/8 of the Murray at 3,320, and could even reach 0/8 of the Murray around 3,281.
If a technical rebound occurs, gold could reach the top of the downtrend channel around 3,365. This level could be seen as strong resistance, and below this area we could sell.
A consolidation above the 61.8% Fibonacci level at 3,378 could signal a resumption of the bullish cycle, and we could expect a rally reaching the 8/8 Murray level at 3,437.
Gold is trading below the 50% Fibonacci level or below 3,365 and within the bearish trend channel. Any technical rebound will be seen as an opportunity to sell, with targets at the psychological level of $3,300.
