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Gold is trading around $4,661 under downward pressure, and the price is likely to continue falling in the coming hours until it reaches the psychological level of $4,500.
Given that gold has failed to break above the weekly resistance zone around $4,731 and is also trading below the 7/8 Murray line, it could continue falling to reach $4,600 and might even hit the 61.8% Fibonacci retracement level around $4,560.
If gold falls to about $4,560 in the coming hours, this could be seen as a buying opportunity with targets at $4,687, and it is even expected to rebound and reach the 21 SMA levels around $4,830.
The outlook for gold remains bearish. However, it is reaching oversold levels, so the odds are in favor of a strong technical rebound in the coming days. Hence, gold could return to the 8/8 Murray levels around the psychological $5,000 mark.
If gold continues to show bearish signs, it could find strong support around $4,500 or even around the $4,495 level, which coincides with the lower band of the downtrend channel. Once this level is breached, gold has strong support around the 6/8 Murray level at $4,375.
Given that gold is oversold, we will look for buying opportunities in the coming days in case of a rebound around $4,560 or $4,500, with targets at $4,830 and $5,000.
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