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Gold is trading around $4,607, showing downward pressure after rebounding above the 21-day SMA and remaining within the uptrend channel.
Since April 29, XAU/USD has been in a recovery phase after reaching $4,500. It is likely to continue rising in the coming days to reach the 7/8 Murray level around $4,687. Gold could even reach the upper band of the uptrend channel around $4,720, which also coincides with the 200 EMA.
If gold rises toward the 21 SMA at $4,596 in the coming hours or finds strong support at the lower band of the uptrend channel, this could be seen as an opportunity to buy around $4,580 and could provide an opportunity to open long positions.
A sharp break below the uptrend channel and consolidation below this zone could lead gold to continue its primary downtrend and reach $4,500; it could even reach the 6/8 Murray level around $4,375.
A consolidation above $4,650 would signal a relief from bearish pressure, and we could expect gold to continue rising in the coming days, potentially reaching $4,700 and even $4,870.
An area to open short positions could be around $4,635. Below this level, we could sell with targets at $4,596, and we could even continue selling until we reach $4,486, where the lower band of the downtrend channel is located.
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