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Gold is trading around $4,527, pulling back after reaching a high of $4,600. This correction could signal a consolidation phase before the price resumes its upward trend.
Gold has support around the 21SMA at 4,453. If the price of gold falls toward this area, it could be a good point to open long positions with targets at the 7/8 Murray level around $4,687, and it could even reach the top of the downtrend channel around $4,700.
If gold falls below $4,450, we could expect a technical correction toward the 6/8 Murray level, which acts as strong support for gold and could be seen as an opportunity to open long positions only if a technical rebound occurs above this zone.
Given that gold has upside potential, any pullback will be seen as a buying opportunity in the coming days, and we expect the price to reach $4,700.
The outlook for gold could change if it consolidates below $4,375 in the coming days; in that case, it could retest the psychological level of $4,000 or around the 5/8 Murray level at $4,062.
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