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Early in the US session, gold is trading around 3,322 with a strong upward movement. The H4 chart shows that it is breaking the bearish trend channel.
If XAU/USD continues to rise in the coming hours, we could expect it to consolidate above 3,303, then reach the 7/8 Murray level at 3,359 and even reach the 8/8 Murray level around 3,436.
The outlook remains positive as long as gold settles above the bullish trend channel, so any pullback will be seen as a buying opportunity.
The US data was positive, which favored the gold momentum. It is now likely to continue strengthening in the coming days. The key is for the price to remain above the 6/8 Murray level at 3,281.
On the other hand, a weakness in the metal below the 21SMA at 3,280 could resume the bearish cycle. So, we could expect gold to reach the bottom of the downtrend channel around 3,189.
The Eagle indicator is showing a positive signal. Therefore, with any pullback in the coming days and as long as the price remains above 3,250, the metal will move up. Thus, gold could climb 3,437.
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