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Early in the American session, gold is trading around 3,330, below the 21st SMA and rebounding after reaching the 6/8 Murray level around 3,281.
Gold could continue its rise in the coming days and reach the 7/8 Murray level at 3,361, and is even expected to reach the 8/8 Murray level around 3,437.
Gold left a gap at 3,425 that has not yet been filled. It is expected to reach this area again in the coming days and could even break it and climb to the psychological level of $3,500.
On the other hand, if the bearish force prevails, it is expected to continue falling and could again test the 6/8 Murray level, which could serve as a good point to resume buying.
On the H4 chart, we see that gold is trading within a bearish trend channel formed on April 15. In the coming days, it could likely reach the 3,220 level, which coincides with the 200 EMA.
Gold has been very volatile in recent days, so we believe it is important to minimize risk when trading this asset, as there are times when movements are outside of technical parameters. This can sometimes lead to losses for traders.
Our trading plan for the coming days is to continue buying gold with a target of 3,437. The eagle indicator is giving a positive signal, suggesting a bullish advance for gold.
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