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Gold is trading around $4,188, above the 61.8% Fibonacci retracement level drawn from the July 11 low to the June 16 high, suggesting that we could expect the uptrend to continue over the next few hours until it reaches the 21-day SMA.
Last Friday, gold closed the session early due to a US holiday, so there was no price movement, which provided strong upward momentum at the start of this week. It is currently rebounding above $4,136 and could reach $4,230 for now. Below this area, we could expect a technical correction before the upward trend resumes.
At current price levels around $4,188, we could consider buying options, provided the price consolidates above the 61.8% Fibonacci level—which would support a recovery in gold—and we could expect it to reach its first target at the 38.2% level around $4,245 and ultimately reach the 23.6% level around $4,305.
Conversely, if gold breaks below the small symmetrical triangle formed during the consolidation around $4,140 and breaks below this zone, we could expect the downtrend to continue, and gold could reach the 5/8 Murray level around $4,062.
Our trading plan for the next few hours is to buy gold whenever the price consolidates above $4,160 or $4,180, with targets at $4,250, $4,300, and finally at the 6/8 Murray level around $4,375. The Eagle indicator is showing a positive signal, which supports our bullish strategy.
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