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23.05.2025 06:14 PM
Early in the American session, gold is trading around 3,360 after a strong technical rebound when it reached 6/8 of the Murray level at 3,281 yesterday.
Gold is overbought, and a technical correction is likely in the coming days, so we will look for opportunities to sell below 3,360, the area where 7/8 of the Murray level is located.
On the other hand, if gold consolidates above 3,370, the outlook could remain positive, and we could expect it to rise and reach 8/8 of the Murray level at 3,437.
On May 5, gold left a gap around 3,424, and it is likely that this gap can be filled, as it still needs to be closed. Therefore, we must be very cautious if gold rises above 3,370.
Our trading plan is to sell below 3,360 with targets at 3,304, and it could even reach 5/8 of the Murray around 3,200. In this area, gold also left another gap and is likely to be covered.
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