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13.09.2024 03:53 PM
Early in the American session, gold is trading around 2,566 below +2/8 of Murray and with a strong bullish trend. Therefore, the metal is likely to reach 2,578. Around this area, a technical correction could occur.
In the next few hours, if gold reaches 2,578 and consolidates below this area, it could be seen as a signal to sell with targets at 2,550 and 2,538.
If gold breaks and consolidates above 2,580, the outlook could remain positive and the metal could reach the psychological level of 2,600. However, for now, this outlook is ruled out, since gold is very overbought.
The Eagle indicator reached the +95-point zone, which represents a key area to look for selling opportunities. Gold remains within the bullish trend channel and the price has been testing the top of this channel. We believe that if the metal encounters resistance at 2,578, it could make a technical correction today or next week.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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