28.08.202608:22 Forex Analysis & Reviews: Trading Signals for GOLD on August 28-30: sell below $4,607 (21 SMA - 7/8 Murray)

Gold is trading around $4,581, under downward pressure and below the Murray 7/8 level. It is likely to continue falling in the coming hours and is expected to reach the Murray 6/8 level, around $4,531.

Gold is under downward pressure after attempting to break above $4,650, a level that coincided with the upper band of the uptrend channel. We are observing a technical correction. It is expected to continue falling in the coming hours until it reaches $4,531 or the lower band of the downtrend channel, around $4,500.

If gold rebounds above $4,531, it could be considered a buying opportunity, as it would likely rise back to $4,581.

If gold attempts to break above the Murray 7/8 level, around $4,609, in the coming hours and fails to break through this zone to the upside, it will be considered a selling opportunity, with targets at $4,531.

A decisive break above the downtrend channel and consolidation above $4,609 could be interpreted as a positive signal to buy gold. In that case, we could expect it to return toward the Murray 8/8 level, around $4,687.

The Eagle indicator is showing a negative signal. So, as long as the instrument remains below $4,600, we will continue to sell until it reaches $4,500.