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Gold is trading around $4,676 under bearish pressure and within a descending trend channel formed on April 16. Gold is currently trading below the 7/8 Murray level and below the 21-day and 200-day moving averages, indicating a downtrend.
For the past few days, gold has been trading below the 200 EMA, after attempting to break above it on Tuesday. Below this area, we saw a sharp technical correction, and now the instrument remains under bearish pressure. XAU could continue its fall in the coming hours, potentially reaching the lower band of the descending trend channel around $4,580.
If gold consolidates above the 7/8 Murray level around $4,687 in the next few hours and breaks above the 21-period SMA and the descending trend channel, this could be considered a positive sign. We could then expect the price to reach the 200-period EMA around $4,776 and even its weekly high around $4,886.
If gold falls towards the lower band of the descending trend channel around $4,580 in the next few hours, this area could be seen as a buying opportunity if a technical rebound occurs, with targets at the 7/8 Murray level.
The Eagle indicator has reached oversold levels, so we expect gold to resume its main upward cycle in the coming days and could reach $4,800 or even the psychological level of $5,000.
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