Early in the European session, Gold (XAU/USD) is trading around 1,829.06. We can observe a rejection in the 3/8 Murray zone around 1,844 and from this point, it fell to the low of 1,825. Now we see a technical rebound. In case it settles above 1,830 again, it will be a signal to buy.
Gold is consolidating in a range between 1,830 and 1,847. It is likely that gold could reach the resistance zone of 1,850 in the next few hours.
The pivot point for today is located at 1,836. In case it returns to this area, it could be a signal to buy with targets at 1,845 and 1,850. Around this area is the top of the downtrend channel.
On condition of a daily close above 1,850 and above the downtrend channel, we could see a gold rally to reach 1,875 and a psychological level of 1,900.
If in the next few hours gold trades above 1,830, we can see this as a signal to buy, with targets at 1,837, 1,845, and at the top of the downtrend channel around 1,850. In case there is a drop to the bottom of the bearish channel, it will be seen as a signal to buy.
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