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Gold is trading around $4,394, after pulling back from a high of $4,436 reached during the Asian session. This level coincided with strong resistance, which, in turn, could be forming a triple-top pattern, suggesting the bearish cycle is likely to continue in the coming days.
Gold could find strong support around the lower band of the uptrend channel, at $4,384. A technical bounce above this level could be interpreted as a buy signal, and one might expect it to challenge the strong resistance at $4,436 and ultimately reach the 5/8 Murray level, around $4,531.
Conversely, if gold falls below the 4/8 Murray level, the outlook could turn negative, so the instrument could reach the 3/8 Murray level, around $4,220, in the coming days.
Should gold decisively break below the channel formed since early August, and if it consolidates below the Murray 4/8 pivot point, the outlook could be a clear bearish signal, which could be considered a selling opportunity with targets at $4,310, $4,285, and finally at the 200-day EMA, around $4,200.
The Eagle indicator is in negative territory, so we will continue to sell in the coming days as long as the price of XAU remains below the triple-top pattern.
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