Early in the American session, gold was trading around 2,818 and above 8/8 Murray with a bullish bias. If it consolidates above the psychological level of 2,800 in the next few hours, the price could continue its rise until it reaches the top of the uptrend channel around 2,845.

The outlook for gold remains positive. We believe that it could continue to rise in the next few hours until it reaches the R_1 resistance around 2,839. The metal could even reach 2,845. Both levels are considered to be resistance points. Below this area, we expect a technical correction to occur.

Our trading plan for the next few hours is to buy gold above 2,813, with targets at 2,838 - 2,845. On the contrary, if gold falls below 2,810, the outlook will be negative. Thus, we can sell with a target at 2,785 where the bottom of the uptrend channel is located.

In case a pullback occurs towards the 2,838 – 2,835 area, it will be seen as a signal to sell since technically, overbought levels are observed on the daily and weekly charts.