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Gold is trading around $5,040 above the 8/8 Murray and above the 21 SMA with a bullish bias, though showing signs of exhaustion.
Gold could continue its rise in the coming days and reach the + 1/8 Murray around $5,312. This level could be seen as a point to resume short positions.
As long as the price of gold consolidates above $4,800, any pullback towards this zone could be seen as a point to buy, as gold is moving within the uptrend channel formed since January 30. Therefore, gold is likely to continue rising in the coming days.
A sharp break of the uptrend channel and a fall below the 200 EMA could lead to a return to 6/8 Murray around $4,375.
If gold retreats towards the 21 SMA located at $4,939 in the coming hours, we could expect this level to coincide with the daily S_1 support, which in turn could allow us to resume long trades.
The Eagle indicator is showing a negative signal, but it has fallen to oversold levels, so gold is likely to continue rising in the coming days and is expected to reach the $5,300 target.
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