Yesterday, during the American session, gold fell after the US employment report surpassed estimates. This data pressured gold, reaching a low of 3,313.

Gold is within a bearish trend channel and, after reaching the top of this channel, made a strong technical correction, in turn supported by solid US employment data, which boosted the dollar and, in turn, put downward pressure on the yellow metal.

Gold encountered strong resistance around the 3/8 Murray level at 3,359. Gold attempted to break this resistance zone three times, but was unsuccessful. Yesterday, after the US data, it made a technical correction, which is likely to continue falling in the coming days.

If gold recovers above the 200 EMA at 3,327, we could expect a pullback to 3,345. This area represents strong resistance and could be seen as a selling opportunity. We can sell with targets at 2/8 Murray, 3,281, and eventually, 3,212.

On the other hand, if gold consolidates below 3,320, the outlook will remain negative, and we could expect a technical correction toward the support at 3,281.

The Eagle indicator is showing a negative signal, so we believe gold could continue its fall in the coming days. However, as long as the price consolidates below 5/8 Murray, the outlook will remain bearish.