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Gold is trading around $4,538, near its monthly high and above the 6/8 Murray level, and is likely to continue rising in the coming days, potentially reaching the 7/8 Murray level around $4,609.
Gold found strong support around the 5/8 Murray level, which provided strong momentum for a gain of approximately $90; therefore, we believe it could have the necessary strength to continue rising if the price remains above the 6/8 Murray level.
Conversely, if gold falls below the 6/8 Murray level, we could expect the downtrend to resume, and this could be seen as an opportunity to open short positions in anticipation of a drop to the 5/8 Murray level at $4,453. If bearish momentum prevails, the price could continue to decline until it reaches the lower band of the uptrend channel around $4,430.
The Eagle indicator is showing a negative signal; however, gold is currently in a positive zone, so the 6/8 Murray level favors a continuation of the uptrend. We expect this scenario to continue in the coming days, and we could see gold reach $4,600 or even the upper band of the uptrend channel around $4,650.
Our trading plan for the next few hours will be to monitor whether the price falls below $4,531. If that happens, it could be considered an opportunity to sell, with targets at $4,500, $4,000, $4,880, and $4,453.
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