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Early in the American session, Gold (XAU/USD) is trading around 2,587, bouncing back after hitting the weekly low at 2,547. Gold will likely make a technical correction in the coming hours. There is a strong monthly resistance below the psychological level of 2,600 and below the top of the uptrend channel.
A daily resistance is seen at around 2,590. If gold falls and consolidates below this area, it could climb higher than +1/8 of Murray located at 2,578 in the next few hours.
If the gold price breaks below 2,578 and below the 21 SMA, it could continue its decline and reach the bottom of the uptrend channel around 2,532.
The Eagle indicator has approached overbought levels. Therefore, gold is likely to trade between 2,590 and 2,530 in the coming days.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
