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Gold is trading around $4,659 under downward pressure after reaching a high of $4,696. On the chart, we can see that a technical bounce has occurred toward the 61.8% Fibonacci level. If the price remains below the 8/8 Murray line, we could see it preparing for a continuation of the downward trend.
In the coming hours, we could sell gold below $4,670, as we observe a small downtrend channel forming from its high of $4,696. The instrument could likely reach $4,630 and $4,600 over the next few hours. Ultimately, gold could fall to the 5/8 Murray level around $4,531.
Gold has strong support around $4,512; this level, in turn, lies above the psychological threshold of $4,500, so it could provide solid support and might be seen as an opportunity to open long positions only if a technical rebound occurs in this zone.
If gold continues to rise in the coming hours and reaches the 6/8 Murray level around $4,687. If it fails to break above this zone, we could view this as an opportunity to open short positions in anticipation of a drop to $4,500 in the coming days.
Our trading plan for the coming hours is to sell gold below $4,687 or $4,670, with targets at $4,620, $4,570, and $4,531; the Eagle indicator is showing a negative signal.
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