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Gold is trading around $4,491, showing signs of exhaustion in its upward momentum after reaching an all-time high of $4,526. XAU/USD may struggle to continue rising as it has reached the top of the upward trend channel formed since December 8, so a technical correction towards the 21 SMA at $4,434 is expected in the coming hours.
If gold reaches +1/8 Murray located at $4,531 or the top of the uptrend channel around $4,540, it could be seen as an opportunity to open short positions.
On the H4 chart, we can see that gold left a gap at the beginning of the week around $4,339, which could lead to a sharp decline in the coming days.
If gold resumes its bearish cycle at current price levels around $4,491, we could expect it to reach $4,451 and $4,434. Moreover, it could even return and find good support around the bottom of the uptrend channel located at $4,415.
A technical rebound above $4,434 or $4,415 could be seen as an opportunity to enter long positions with a target at $4,531.
The Eagle indicator is showing a positive signal. So, the odds are that gold will resume its bullish cyclein the coming days, after any pullback.
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