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Gold is trading around 4,830, rebounding after reaching a low of around 4,768, a strong technical correction from a high of 4,888. On the H4 chart, we can see that gold made a technical correction towards the 61.8% Fibonacci level. We believe that the bearish cycle could resume in the coming hours, and the price could reach the 21 SMA around 4,765.
On the contrary, if gold consolidates above 7/8 Murray located at 4,843, we could expect it to continue rising as it could once again challenge its all-time high and even exceed this level and reach the psychological level of 4,900.
The Eagle indicator is showing a negative signal, so the smoothest path would be to sell below the 7/8 Murray located at 4,843 or below the 61.8% Fibonacci with targets at 4,775, the 6/8 Murray at 4,687, and finally at the bottom of the uptrend channel around 4,650.
Our trading plan for the next few hours is to add short positions in gold, as we are seeing overbought conditions and an exhaustion of bullish strength.
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