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Early in the American session, gold was trading around 3,223, rebounding after reaching the 5/8 Murray low around 3,203.
Gold is expected to continue recovering in the coming hours; however, we could expect consolidation to occur, as the instrument appears technically oversold.
The price of the yellow metal is likely to trade between 3,203 and could reach the bottom of the bearish channel around 3,181 in the coming days, a level that coincides with the 200 EMA at 3,173.
A technical rebound above 3,175 could be seen as an opportunity to buy gold, as it is showing signs of exhaustion of its bearish strength. The metal could likely reach the Murray 6/8 level around 3,281 in the coming days.
We could buy if it settles above 3,203 in the coming hours, with targets at 3,247 and 3,281.
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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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On the 4-hour chart of the GBP/JPY cross currency pair, there are several interesting things can be seen. First, the price movement is moving above the WMA (21) which
Early in the American session, gold is trading around 3,317, rebounding after reaching a low of 3,294 during the European session. On the H4 chart, gold could continue to rise
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