Trading Signals for GOLD sell below $2,863 (+2/8 Murray)

Early in the American session, gold is trading within the bullish trend channel forming since January 20th and below *2/8 Murray. Th area around 2,890 represents a strong resistance. Currently, the bullish force is exhausted, but after a technical rebound around 2,890.

If the gold price consolidates below 2,868, we could expect it to continue falling in the next few hours until it reaches +1/8 Murray located at 2,851. The price could even reach the bottom of the uptrend channel that coincides with 8/8 Murray around 2,812.

On the other hand, we should be careful if the gold price breaks and consolidates above 2,870. This could mean a further bullish movement so that the metal could reach +2/8 of Murray located at 2,890.
Eventually, it could even touch he psychological level of 2,900.

The indicator is reaching the extremely overbought zone and is showing a negative signal. Hence, we could sell at current price levels around 2,863 with a target at 2,812.