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Gold is trading around 2,333, above the 21 SMA, and above 5/8 Murray with a bullish bias. In the H4 chart, we can see that gold made a recovery above 5/8 Murray, reached the top of the bullish channel, and is now falling.
We hope that Gold can continue its rise and reach 2,345 in the next few hours. If a break occurs above this area, we could look for opportunities to buy with a target at 2,375 (6/8 Murray). The metal could finally cover the gap left at 2,391.
In case gold makes a technical correction and reaches the support of 2,312 (5/8 Murray), this will be seen as an opportunity to resume buying and the price could hit the target of 2,375.
The eagle indicator is showing a positive signal, so any pullback will be seen as an opportunity to buy provided that gold trades above 2,312.
On the contrary, if gold consolidates below 5/8 Murray and breaks the bullish trend channel, the current trend could change and we could expect a bearish acceleration. Therefore, the instrument could fall towards the 200 EMA located at 2,270 and finally to 4/8 Murray at 2,250.
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