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Gold is trading around 4,122, undergoing a technical correction after reaching 4,150. The metal is expected to go ahead with a technical correction and could find good support around the 21 SMA located at 4,085.
The outlook remains positive for gold, and we expect that after a technical correction, it could continue its rise in the coming days to reach the 7/8 Murray located at 4,215. It could even reach the psychological level of 4,300.
Gold has strong support around 6/8 Murray located at 4,062, which is likely to cause a technical rebound in this area and will be seen as an opportunity to buy in the short term.
Gold could reach weekly resistance levels around the 7/8 Murray in the coming days. It could even exceed this level and reach the top of the uptrend channel around 4,325.
Conversely, if gold falls below 6/8 Murray and consolidates above the 200 EMA located at 4,034, it will be seen as a clear signal to resume short orders, and gold could reach 5/8 Murray around 3,906.
The Eagle indicator is showing a positive signal, so we will look for opportunities to buy in the short term from current price levels or in case of a technical correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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