Gold hit a new high at 2,255 for now, although it could continue to rise. The low volume of negotiations during Easter and the low liquidity of the market gave strong volatility to gold.

XAU/USD reached the 8/8 Murray zone, representing the bulls' final target. Above this area, it could rise to 2,270.

Conversely, below this area, a strong technical correction is expected to occur because gold left a GAP during Friday's close and the opening of trading this week.

We believe that gold could make a strong technical correction if it consolidates below 2,270 in the next few hours. This area represents strong resistance that coincides with the top of the bullish channel and we could expect a correction to occur towards 7/8 of Murray located at 2,218.

If gold continues to rise above the current price of 2,252, it should consolidate above 2,250 (8/8 Murray). Thenm it could reach +1/8 Murray located at 2,281.

According to the H4 chart, gold has bullish potential, but on the H1 chart, it is showing overbought signs. So, we believe there could be a technical correction in the coming days and the price could cover the GAP that it left at 2,232. It could even fall below this area until reaching 2,196 (21 SMA).

Therefore, we can look for opportunities to sell gold below 2,270 with targets at 2,250, 2,232, and 2,196.