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Gold is trading around 3,671, below the 7/8 Murray level and above the 21SMA, with a bullish bias and within an uptrend channel formed since September 11.
Gold is facing a barrier around 3,657. This level could offer strong resistance for gold. If the price consolidates below this area, it could be seen as a signal for a technical correction.
A consolidation above 3,660 could lead to a gold price reaching 7/8 Murray around 3,671, and possibly even surpassing its high around 3,673.
A price drop below 3,644 could signal the start of a trend reversal. Thus, the price could reach the 200 EMA around $3,600, or even reach 6/8 Murray around 3,593.
The Eagle indicator is showing a positive signal, so any pullback in gold as long as the price trades within the uptrend channel will be viewed as an opportunity to continue buying in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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