Early in the American session, gold is trading around 3,224 after reaching a new high around 3,245.30. Gold is undergoing a technical correction and is likely to continue falling in the coming hours, reaching the 21st SMA at 3,156.
If gold attempts to break above the 3,245 level in the coming hours, this could be seen as a selling opportunity, as technically it appears to be reaching overbought levels. A technical correction is expected in the coming hours. The yellow metal could reach +1/8 Murray, located at 3,203, and finally the 21 SMA.
Gold is expected to find strong support around 3,156, a key area that gold reached in early April. Therefore, a drop to support levels could benefit gold bulls, allowing the bull market to resume its ascending cycle.
Our trading plan for the coming hours is to sell gold below 3,224, with targets at 3,203 and 3,156. We should be alert to any technical rebound, as the outlook remains bullish.
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