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Gold is trading around $4,440, below the 5/8 Murray level but above the 200 EMA and 4/8 Murray levels. It means we expect gold to rebound in the coming days until it reaches the 7/8 Murray level, around $4,609.
Gold is consolidating above $4,400, and we could expect an upward move if gold breaks out of the symmetrical triangle pattern around $4,460.
If gold falls below $4,420, we could expect the downtrend to continue, potentially reaching the lower band of the downtrend channel—which coincides with the 200 EMA and also with the 4/8 Murray level. Thus, as shown in the chart, a technical bounce could signal a strong technical rebound.
The first resistance level is at the 6/8 Murray level, which also coincides with the 21-day SMA, around $4,527.
Once gold breaks above $4,527, it could face strong resistance around the upper band of the downtrend channel, at $4,577.
If gold consolidates above $4,375 in the coming days, any technical rebound in this zone will be considered a signal to take long positions.
The Eagle indicator has reached oversold levels, and we believe that in the coming days, gold could rebound to reach $4,600.
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