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Gold traded around $4,048 with a bearish bias and has been falling since the start of trading this week, when it reached the 61.8% Fibonacci retracement level near the high of $4,120. It is likely to continue falling in the coming days until it reaches the low of $4,020 hit on July 23, and could eventually reach 1/ 8 around $3,906.
If gold consolidates above the 2/8 Murray level around $4,062 in the coming hours, this could be seen as a buying opportunity, as technically, the uptrend could resume.
On the chart, we can see that gold managed to fill the gap left by Friday's closing price, and technically, it is currently reaching the lower band of the uptrend channel. Therefore, as long as the price remains above $4,040, we could expect a recovery in the coming days, and it might even reach the 200 EMA around $4,130 and ultimately 3/8 of Murray around $4,218.
Given that the Eagle indicator is showing a negative signal, we should watch for a break below $4,020, which represents last week's low. Below this level, we could expect the downtrend to continue, and in the short term, the price could reach the 1/8 Murray level around $3,906.
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