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The gold price traded around 3,744, bouncing within the upward trend channel formed since September 10 and attempting to break the strong resistance at 3,753.
If the gold price consolidates above 3,753 in the coming hours, it could resume its upward cycle, and gold could reach 3,828 around +1/8 Murray.
If the gold price falls below 3,730, we could expect a strong breakout of the uptrend channel, and the price could return to the 7/8 Murray price levels around 3,671.
The outlook remains bullish for the XAU/USD as the eagle indicator is showing a positive signal, so we will wait for a positive buy scenario to occur only if the price consolidates above 3,753.
Conversely, as long as the instrument trades below the 8/8 Murray level, it will be seen as a signal to continue selling with targets at 3,720, 3,698, and 3,671.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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