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Gold is trading around 4,214 with an upward bias but showing signs of exhaustion. We could also see low trading volume due to the upcoming holidays.
Gold could consolidate in the coming days within the downtrend channel formed since early December. Hence, we could expect the price to reach 4,253 as strong resistance, or it could reach the key support level of 4,203 and even the bottom of the downtrend channel around 4,170.
Gold is expected to trade within the range between 4,264 and 4,170 in the coming days, so we will look for opportunities to enter short positions below this resistance. If the price reaches the weekly support at 4,175, it could be an opportunity to take long positions.
A sharp break above 4,260, which represents the high at the end of November, could mean a new bullish cycle for the yellow metal, which could reach the 7/8 Murray at 4,375.
A sharp break below 4,170 could lead to a strong downward movement, with gold potentially reaching the key 6/8 Murray support level around 4,062.
Our outlook according to the H1 chart remains bullish, so any pullback in gold will be seen as an opportunity to take long positions.
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