Trading Signals for GOLD sell below $3,337 (21 SMA-6/8 Murray)

Early in the American session, gold traded around 3,334, within the bearish trend channel formed on 1H charts since May 23.

The yellow metal is likely to continue its bearish cycle in the coming hours if the price consolidates below the 21SMA or below 3,337.


If its bearish cycle continues, we should expect gold to fall below 3,337. Then. it could reach the 6/8 Murray line at 3,293 and even fall to the bottom of the bearish trend channel around 3,271 and finally at 3,245.

On the other hand, if the price consolidates above the 21SMA, the outlook could be positive, and we could buy with targets at the 7/8 Murray line at 3,349.

Gold prices are consolidating below the level of 3,337. Rising U.S. inflation and the potential for even partial agreements between China and the U.S on mutual trade could push the price of the yellow metal down to 3,271. The 3,321 mark may serve as a selling trigger.