Early in the American session, Gold is trading around 2,373, around the 200 EMA, and around 4/8 Murray with a technical bounce.
On the H4 chart, we can see that Gold reached the bottom of the downtrend channel around 2,350. From this level, Gold made a strong technical bounce and is currently showing a positive signal.
We suppose that if it consolidates above 2,375 in the next few hours, the price could continue its rise and reach 2,390 and even the top of the downtrend channel around 2,405.
Gold could resume its bearish cycle if it consolidates below 2,375. Then, it could reach 61.8% Fibonacci level around 2,368 and even 3/8 of Murray at 2,343.
Since the eagle indicator is showing oversold signals, we believe that gold will continue to rise in the next few hours. So, we will look for opportunities to buy above 2,375, with targets at 2,390 and 2,400.
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