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Gold is trading around $4,776, reaching resistance levels. This zone coincides with the upper band of the downtrend channel formed since February 26. The 200-day EMA is located around this area at $4,809, so gold may struggle to continue rising above this zone.
If gold reaches $4,809 or falls below this zone, it could be seen as an opportunity to open short positions, with targets at $4,687. We could even expect a correction to the 23.6% Fibonacci level around $4,620, a level that coincides with the 21-day SMA.
If bullish momentum prevails, a technical correction toward the 7/8 Murray level could be considered an opportunity to buy around $4,687. This level could allow us to open long positions with targets at $4,809. The instrument could even reach the psychological level of $5,000 around the 8/8 Murray level.
The Eagle indicator is reaching overbought levels, so as long as the metal trades below $4,809, we will look for opportunities to sell with a target at $4,687.
A decisive break above the 200 EMA could be seen as an opportunity to open long positions with targets at $5,000.
Our trading plan for the coming hours is to sell below the 200 EMA, with targets at $4,730, $4,700, and $4,687.
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