Early in the American session, gold is trading around 3,381, retreating after reaching a high around 3,397. Gold as a safe-haven asset is nervous due to geopolitical tensions around the world.
On the technical front, gold is showing a bullish bias. It could continue rising in the coming days to reach the psychological level of $3,500 and could even reach +1/8 Murray located at 3,515.
Gold is reaching exhaustion levels. We could expect a technical correction in the coming days toward the key support located at 3,359. This area could serve as a point to resume buying, and gold could reach 3,437 around 8/8 Murray and eventually 3,515.
The outlook remains bullish for the precious metal, so we will look for opportunities to buy on any pullback and as long as it trades above the 6/8 Murray level located at 3,281.
The eagle indicator is showing a positive signal, so we'll look for buying opportunities in the coming days whenever a technical correction occurs.
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