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02.08.2024 01:12 PM
Early in the American session, gold is trading at 2,463 within the symmetrical triangle pattern and showing positive signals but reaching overbought levels which is likely to cause a technical correction. Then, the metal could resume its bullish cycle.
The US nonfarm payrolls will be released in a few hours. Thus, markets will be overwhelmed by strong volatility.
We believe that if the US data indicates robust employment, we could expect a strong technical correction in gold. The price could reach 2,437 and even accelerate its bearish cycle and reach 6/8 Murray at 2,375.
On the other hand, if the US data reflects weak employment, we could expect gold to continue its bullish cycle, but we should expect a break and consolidation above 2,470.
If this scenario occurs, gold could reach the high of July 17 around 2,483.48 and eventually reach 8/8 Murray around the psychological level of 2,500.
We see an exhaustion of bullish strength in gold. Only a break of the bullish trend channel and a consolidation below 2,455 could entail a technical correction for gold.
Therefore, we should pay attention to this point since below this area, we could expect a fall towards the 21 SMA located at 2,422 and finally towards the 200 EMA located at 2,385. It could be seen as a selling opportunity.
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