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Early in the American session, gold is trading with a strong bullish movement after the Easter holiday, reaching a new all-time high of around 3,406.
Technically, gold has strong upside potential, and it is likely to reach the top of the uptrend channel between 3,422 and 3,430. This area is important as gold could encounter a strong rejection, which could be seen as a selling opportunity.
However, we believe that gold could return to the 3,330 level in the short term, where the price closed last week and left a GAP at the opening. It is likely that the yellow metal could fall to this level in the coming days and fill the gap.
The eagle indicator has reached overbought levels. However, the metal could still reach the high around 8/8 Murray, which represents a strong barrier for gold. Below this area, we could have good selling opportunities.
We must be cautious, as the strong volatility could break our entry positions. It's better to minimize risk with a low volume until the outlook is clear.
Technically, gold could reach the 3,300 and 3,200 levels in the short term around 4/8 Murray. Later on, the yellow metal is about to enter a period of a strong technical correction. Therefore, we should be cautious with our bullish positions.
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