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Early in the European session, gold (XAU/USD) is trading around 1,947, rebounding after reaching the 7/8 Murray zone around 1,937.
We can see on the 4-hour chart that gold continues to move within the downtrend channel but could find strong resistance around the 21 SMA located at 1,961 if it continues to rise.
Gold is rebounding and this could be the beginning of a bullish sequence. The instrument could reach the 200 EMA located at 1,985 in the next few days and finally could reach the 8/8 Murray area of the psychological level of $2,000.
On the other hand, in case gold falls and consolidates below 1,937, we expect that it could reach the bottom of the downtrend channel around 1,917. This level could offer a good technical bounce and from there on, we could expect gold to recover from the downward pressure.
In case gold finds a rejection around 1,961 or around the top of the downtrend channel at 1,967, it could resume its bearish cycle. In the event that gold approaches this zone, it could be seen as an opportunity to sell with targets at 1,937.
The eagle indicator has reached the extremely oversold zone (5 points). n the next few hours, gold is likely to continue its bounce until the price reaches the 1,970 zone. Therefore, we could buy gold at current price levels around 1,947 or wait for a technical rebound to occur at 7/8 Murray (1,937).
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