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Gold is trading around $4,723, above the 200-day EMA and the 21-day SMA, showing signs of recovery after hitting the key support level of $4,642, which coincided with the lower band of the uptrend channel formed since early May.
Although gold has technical upside potential, it is currently showing overbought conditions, so we expect a technical correction toward the 7/8 Murray line or the lower band of the trend channel, down to around $4,650, in the coming hours.
If gold consolidates and continues trading within the uptrend channel, any pullback could be seen as an opportunity to open long positions, with targets at about $4,760 and potentially even reaching the upper band of the uptrend channel around $4,840.
If the gold price falls below the uptrend channel and consolidates below $4,640, we could expect a strong downward move that could push the instrument to the early May low around 4,486.
The Eagle indicator has reached overbought levels and is now giving a negative signal. So, we believe a technical correction could occur in the coming hours if the price consolidates below $4,708.
Our trading plan is to buy gold if it rebounds at $4,687 or $4,653, with targets at about $4,762.
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