Gold, after reaching its high around 3,674 and its low at 3,619, made a technical correction to 61.8%, around 3,657.
On the H4 chart, we see that gold is resuming its bearish cycle. However, we should expect the price to consolidate below 3,340, then we could see a continuation of the bearish movement that could reach the 8/8 Murray at 3,593.
On the other hand, if the gold price consolidates below 3,660 and above 3,640, there will be an opportunity to buy and sell in this range.
With a breakout of consolidation above 3,660, we could see the price return to the 3,671 level. It could even reach the key level of $3,700.
The H1 chart is showing signs of oversold status, so the price of gold is likely to continue trading above 3,630, where the +1/8 Murray level is located, for the coming days.
