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Gold is trading around $4,404 above the 8/8 Murray and above the 21 SMA with a bullish bias. Gold left a gap around $4,328 and is likely to fall in the coming hours to cover this gap. The instrument could even reach the 200 EMA around $4,255.
If gold consolidates above $4,375 (8/8), we could expect it to continue rising until the price reaches the 61.8% Fibonacci retracement around $4,450.
There could be a technical correction in the coming hours, and gold could cover the gap left at the close of Friday's session. If the downward pressure prevails, it could continue its decline until it reaches the 7/8 Murray located at $4,218.
As long as the price consolidates above $4,375 and a technical rebound occurs around this area, gold could resume its bullish cycle, and we could expect it to reach $4,445 in the coming days and even return to the +1/8 Murray level at $4,531.
The Eagle indicator is showing a positive signal, so any pullback in the coming hours will be seen as an opportunity to open long positions.
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