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Gold is trading around $4,611 after several unsuccessful attempts to break out of the downtrend channel, and it is expected to continue falling toward the lower band of the downtrend channel, around $4,450, in the coming days.
If gold consolidates above $4,600 and decisively breaks out of the downtrend channel in the coming hours, we could expect it to continue rising, which could be seen as a positive signal to buy, with targets at the 7/8 Murray level around $4,687. Ultimately, we expect it to reach the 200 EMA around $4,739.
A pullback to the 61.8% Fibonacci level around $4,780 could be considered a bearish signal, and we could open long positions if the price encounters rejection below the 200 EMA.
Conversely, a drop below $4,600 could be seen as a resumption of the bearish cycle, and we could sell gold with targets at $4,500 and $4,470 near the lower band of the bearish trend channel.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
