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Early in the European session, gold is trading around 3,331, bouncing back after reaching the key support zone around the 5/8 Murray level.
Gold could recover some of its losses from last week as it is in a strong zone, which could offer a technical rebound in the coming hours. Gold could reach the 200 EMA around 3,344, and could even reach the 21 SMA around 3,372.
On the H4 chart, we can see that gold is trading within a bearish trend channel. It is likely that after reaching the bottom of this channel, it could make a technical rebound to reach the top of the bearish trend channel around 3,370.
If gold falls below 5/8 of the Murray level, bearish pressure is likely to intensify, and the price could reach 4/8 of the Murray level around 3,281.
On the other hand, a close above 3,370 could signal a recovery for gold, potentially returning to price levels of 3,437.
Key support levels to watch for the coming days are 3,320, 3,300, and 4/8 of the Murray level around 3,281.
Key resistance levels are 3,344, 6/8 of the Murray level at 3,359, 3,372, and finally 7/8 of the Murray level around the psychological level of $3,400.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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