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11.06.2024 05:59 PM
Early in the American session, Gold is trading around 2,319.78, bouncing within the secondary uptrend channel formed on the H4 chart after reaching the low of 2,277. Gold could reach a resistance zone of around 2,320. If it fails to break this zone, we could expect a technical correction to occur and the metal could reach 5/8 Murray located at 2,312.
If the XAU/USD pair returns to support levels, the key point is located at 2,312. This level could offer us a good opportunity to resume buying and gold could reach the 200 EMA located at 2,334.
On the other hand, if gold consolidates above 2,334, the outlook could remain positive. We could expect it to reach the top of the downtrend channel around 2,374, the level that coincides with 6/8 Murray representing strong resistance.
Gold left a GAP after the US Non-Farm Payrolls data at about 2,328. If the price consolidates above 2,312 in the coming days, it could rebound and cover this gap.
On the contrary, with a drop and consolidation below 2,312, gold could return to support levels of around 2,280 and even towards 2,271.
Our trading plan for the next few hours is to buy gold, but to do so, we should wait for a technical correction and a consolidation above 2,312. Then, we could buy with targets at 2,334 and 2,374.
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