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Gold is trading around 3,796, above the 21SMA and above the 8/8 Murray level. Gold could continue its rise in the coming hours and could reach the top of the uptrend channel around 3,840 or reach +1/8 Murray level around 3,828.
At the opening of this week's session, gold left a gap around 3,762. It could reach this level and cover the gap in the coming days.
If gold falls below these price levels, we could expect it to find strong support around the 8/8 Murray level, located at 3,750. This level is key, so a strong technical rebound could occur around this area, which could be seen as an opportunity to open long positions.
On the other hand, if gold continues its rise and reaches the resistance zone of 3,830, it will be seen as a good point to sell, since gold is showing overbought levels on the daily chart.
The H4 chart shows a positive bias for gold. So, any pullback in the coming days, as long as the instrument trades above the 8/8 Murray level, will be seen as a signal to continue buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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