Gold is trading around 3,363, bouncing off a low around 3,328. XAU/USD found good support around the bottom of the uptrend channel and has since reached 3,370, however, it may struggle to continue its upward move, as we see exhaustion levels on the H4 chart.
If gold trades below 3,363 in the coming hours, it could reach the 200 EMA around 3,349 and even fall to the bottom of the uptrend channel around 3,340.
A sharp break below this trend channel could mean a sharp decline, and gold could reach 5/8 of the Murray at 3,320 and even 4/8 of the Murray around 3,281.
Gold reached the 50% Fibonacci retracement level. So, if gold continues to trade below 3,390, this could be seen as a selling opportunity.
Immediate support for gold is located at 3,359, 3,349, 3,340, 3,327, and finally 3,320. Immediate resistance is indicated at 3,373, 3,384, and 3,390, and even the 7/8 Murray level at 3,398.
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