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Gold is trading around $4,046 after forming a triple-bottom pattern on the daily chart around $3,960. So, we believe that if gold consolidates above the 2/8 Murray line and above the 21 SMA in the coming days, the outlook could be positive, and the price could reach the 23.6% Fibonacci level around $4,135.
If gold consolidates above $4,062 in the coming days, we could expect it to fill the gap it left around $4,120. This could be the first target for bulls, and ultimately, we could expect it to reach the 3/8 Murray level around $4,218.
Conversely, if gold encounters a strong resistance level around $4,070, this could be seen as a signal to continue selling, and we expect it to consolidate around the psychological level of $4,000 in the coming days.
The Eagle indicator is showing a neutral signal, so we should still wait for the market to give us a signal before taking long or short positions. A key level to watch is the 2/8 Murray level. Above this zone, there is a bullish possibility, but below this zone, bearish pressure could continue to drive gold lower.
The 61.8% Fibonacci level is around $4,046, hence, as long as the price consolidates above this level, it could be sending us a positive signal. Therefore, we should closely monitor the XAU/USD price; as long as it remains above this area, it could be viewed as a buying opportunity.
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