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Gold is trading under downward pressure, hovering around $4,693 above the 7/8 Murray line and has been consolidating in this area since April 21.
If gold continues to decline in the coming hours, we could expect it to reach last week's low around $4,766; or, if it breaks below this level, it could drop to the $4,586 area.
Given that the H4 technical chart shows gold is oversold, we could expect consolidation above the 7/8 Murray line in the coming days, so a technical rebound above this zone remains a valid scenario.
If gold breaks above the downtrend channel formed since April 16 and consolidates above the $4,700 level and above the 21 SMA, this could be considered an opportunity to open long positions.
Given that gold is within the downtrend channel, a technical rebound toward $4,700 could still serve as a signal to open short positions; we must monitor the 21-day SMA, as this level could indicate a trend reversal.
A consolidation above the 200 EMA around $4,760 could signal an uptrend, potentially pushing the price up to the April 16 high of $4,880 and even the psychological level of $5,000.
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