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20.05.2025 06:58 PM
Early in the American session, gold is trading around 3,281, following a strong upward movement originating from the breakout of the downtrend channel.
Gold is currently trading above the 200 EMA and the 21 SMA, which suggests it could continue its rise in the coming days.
Strong resistance is found around 6/8 Murray located at 3,281. Below this area, we could expect a technical correction toward 5/8 Murray, located at 3,203.
Gold left a GAP at about 3,201 that has not yet been covered, missing a few pips.
In case the price drops below 3,281, the instrument is expected to fill the gap at 3,201, or conversely, a consolidation above 3,290 is expected to fill the gap it left around 3,325 on May 8.
Given that the Eagle indicator is showing a positive signal, suggesting a bullish advance, we will look for opportunities to buy above 3,290, with targets at 3,315, 3,336, and finally at 7/8 Murray at 3,359.
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