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Gold is trading around $4,404, above the 200 EMA and above the 4/8 Murray level, which means it could find strong support in these areas in the coming hours and potentially rebound to reach the upper band of the downtrend channel at $4,460.
If gold reaches the 200 EMA around $4,381 or the 4/8 Murray level around $4,375, this zone represents strong support and could offer a buying opportunity in the coming hours.
A drop below the 4/8 Murray level could change the outlook for gold, and we could expect a strong technical correction toward the 3/8 Murray level around $4,296.
We must monitor this 4/8 area closely, as above it, there is a strong possibility of continued upward movement. Below it, we expect a technical correction; furthermore, if bearish momentum prevails, the instrument could reach the 2/8 Murray level around $4,218.
If gold breaks above the downtrend channel and consolidates above $4,460 in the coming days, we could expect it to reach the 6/8 Murray level around $4,531. It could then reach the 100% Fibonacci extension level around $4,590. Finally, the price could reach the 161.8% Fibonacci level around $4,730.
We believe that gold could consolidate above $4,375 in the coming days; therefore, any technical pullback toward this area will be viewed as an opportunity to continue buying.
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