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XAU/USD is trading around 4,203, above the 21-SMA and within the ascending trend channel formed since early November.
Yesterday, during the US session, gold underwent a sharp technical correction from its high of 4,246 to a low of 4,145.
From this level, which coincided with the 21-SMA, gold is bouncing and could attempt to reach a new high, potentially hitting the top of the ascending trend channel around 4,275.
On the other hand, if gold continues its technical correction, we could expect it to reach the key support level of 4,160. This level could trigger a significant technical bounce and could be seen as a buying opportunity.
A sharp break below the 21SMA located at 4,160 could signal a trend reversal, and gold could reach Murray's 6/8 level around 4,062.
We must remember that gold left a gap earlier this week around the psychological level of $4,000, so it is likely that the price will return to these levels in the coming days.
The Eagle indicator has reached an overbought level, making selling more prudent. The price is reaching resistance levels such as 4,240 or 4,272; below this zone, we could continue selling.
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