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Gold is trading around $5,067 above the 21 SMA and showing signs of exhaustion after reaching its weekly high around $5,120. This level coincided with the 61.8% zone, which suggests a scenario that it could resume its bearish cycle in the coming days.
If, in the coming hours, gold decisively breaks through the 61.8% Fibonacci level around $5,140 and consolidates above this zone, we could expect a further upward movement, and it could reach the +1/8 Murray around $5,312.
On the contrary, if gold encounters strong resistance around $5,120 - $5,140 and if a rejection below this area occurs, it will allow us to open short positions with targets at the psychological level of $5,000. Finally, the instrument could reach the 200 EMA around $4,799.
The $5,166 zone represents the daily R_2, and this level could act as a barrier for gold in the coming hours if the uptrend continues.
Given that XAU/USD is showing consolidation, and an exhaustion of bullish strength is observed, a technical reversal is expected in the coming days, and we expect the metal to reach the 38.2% Fibonacci level around $4,860. Gold could eventually reach the 7/8 Murray around the 23.6% Fibonacci level at $4,687.
The Eagle indicator is showing strong resistance above $5,100 to $5,160. This zone could be a strong barrier for gold. the price has to overcome it to continue rising, so we believe that a technical correction could occur in the coming days.
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