Gold is trading around 2,375, below the 21 SMA, and below the 200 EMA under strong bearish pressure. It could likely reach 2,356 in the next few hours.
Gold has immediate support at the bottom of the bearish channel around 2,365. If this area is broken, the price could fall to the daily S_1 around 2,359 and finally to the first weekly support located at 2,356.
If gold reaches the key level of 2,350, it could be seen as the condition for a technical rebound since technically according to the H1 graph, the instrument is oversold.
The H1 chart shows a bearish trend channel. So, in case gold bounces off the bottom of this channel around 2,367 and if the price consolidates above this area, gold could reach the 200 EMA at 2,387 and finally the R_1 daily around 2,411.
If gold breaks and consolidates above the uptrend channel and above 2,412, it could resume its bullish cycle and reach an all-time high of 2,450.
Our trading plan for the next few hours is to watch the levels above 2,365. If his area is broken, we should wait for the instrument to reach the next support at 2,356 to buy, with targets at 2,387, 2,398, and 2,411.
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