Gold is trading around $4,292 with a positive bias, above the 2/8 Murray level and approaching the 3/8 Murray level, showing signs of exhaustion in its upward momentum. We could expect it to reach the 200 EMA around $4,328 in the coming hours.
According to the daily chart, gold had been trading within a downtrend channel formed since June 21, and during the US trading session on August 4, it decisively broke out of this trend channel and quickly rose to reach the 3/8 Murray level; we could even expect it to continue rising in the coming hours.
We reckon gold could reach the strong resistance level at $4,328 or $4,296. These levels could present an opportunity for bears to open short positions, as technically this area could act as a strong barrier, potentially triggering a technical correction.
The indicator has now reached extreme overbought levels, so we could look for opportunities to sell gold in the event of a technical correction below the 3/8 Murray level at $4,296.
A pullback toward $4,328 would present a selling opportunity with a stop-loss above the 4/8 Murray level.
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