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Early in the US session, gold is trading around 4,098 with bullish momentum and is likely to continue rising in the coming hours to fill the gap left on October 24th around 4,114.
Gold could encounter strong weekly resistance around 4,103. If it fails to consolidate above this area, we could expect a technical correction. The instrument could reach the 6/8 Murray level around 4,062 and even the bottom of the ascending trend channel formed since early November around 4,035.
In the coming days, gold is expected to reach the 7/8 Murray level at 4,250. This level is key, as gold could encounter strong resistance around this point, and we could expect a technical correction below this level.
On the other hand, if the price of gold falls below the 21SMA located at 4020, we could expect the bearish cycle to resume and it could reach 5/8 of Murray at 3906.
The Eagle indicator is positive, so we will look for opportunities to buy gold in the coming hours, but we must always be alert for any pullbacks to take long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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