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23.03.2023 03:43 PM
Early in the American session, Gold (XAU/USD) is trading around 1,978.39 above the 21 SMA and below the $2,000 psychological level.
Yesterday, gold started a strong rebound from the 1,935 low (6/8 Murray) towards the 1,980 zone. It has been a strong recovery of more than $45 which would indicate that the bullish trend still prevails.
In case of a further rise, the instrument could break the weekly resistance located at 1,987 and then it could again rebound to the psychological level of $2,000.
On the other hand, the technical indicators show that XAU/USD is overbought and we could expect a technical correction in the next few hours towards the support zone of 1,964 (21 SMA) or the daily pivot point located at 1,960.
In case gold climbs above 1,960, it could be considered a signal to buy with targets at 1,975, 1,987 and ultimately the psychological level of $2,000.
On the contrary, a sharp break below 1,960 could mean the resumption of bearish pressure and the instrument could already reach the support of 1,937 (6/8 Murray) and could fall towards the zone of 5/8 Murray located at 1,906 and could even reach the psychological level of 1,900.
Since March 17, the Eagle indicator has been giving oversold signals. In case there is a technical rebound and gold trades below 1,987, it will be considered an opportunity to sell.
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