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Gold is falling after encountering strong resistance around the psychological level of $4,500. The price of gold is now around $4,431, below the 21 SMA, under bearish pressure.
The price of gold is now expected to continue falling in the coming hours until it reaches the 4/8 Murray at $4,375.
In case of a pullback towards $4,451. If the price fails to consolidate above this zone, it will be seen as an opportunity to open short positions with a target at $4,375. In case this support is breached, gold could cover the gap it left around $4,327.
The Eagle indicator is showing a negative signal, but we must be careful as it is approaching oversold levels. Thus, after a strong technical correction, there could be a good technical rebound, and we must be very careful, as there could be a strong recovery in gold around the 4/8 Murray or around the 200 EMA.
If the price consolidates above $4,450, we could expect gold to continue its uptrend and could reach the 5/8 Murray at $4,531 and could even exceed this level and reach the 6/8 Murray level around $4,625.
Our outlook for gold remains bearish for the coming days. Below $4,450, we will continue to sell with targets at $4,375, $4,327, and finally at $4,310.
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