From its all-time high of 3,579 at the close of the American session on Wednesday, gold quickly reached a low of 3,513 in less than 8 hours during the Asian session and has rebounded from that level to reach 3,558.
This area represents the 61.8% Fibonacci level, so we believe there could be consolidation below this area in the coming days, with targets at 3,515.
If gold falls below the 7/8 Murray level at 3,554 in the coming hours, it could be seen as a signal to resume congestive selling at the 21st level, located at 3,519.
On the other hand, US NFP data is expected on Friday, so there will be strong volatility in the market. Therefore, we must be cautious, as gold could experience a strong upward movement and could even reach 3,579.
Besides, if the data for the United States is positive, we could expect gold to reach the psychological level of 3,515 or even $3,500.
The eagle indicator reached an extreme overbought zone on September 3, so any technical rebound while the instrument trades below $3,579 will be viewed as an opportunity to sell in the coming days.
