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Gold is trading around $4,218, around 7/8 Murray and above the 21 SMA with a slightly bullish bias, although it is showing signs of exhaustion. Gold could continue its rise in the coming hours if it consolidates above $4,220.
A return below the 7/8 Murray could mean a technical correction, and we could expect the price to reach the support of the uptrend channel drawn around $4,118 on the daily chart.
If gold continues its upward bias, it could reach the 8/8 Murray around $4,375, and we could even expect the upward momentum to take it to the +1/8 Murray around $4,531.
A sharp break in the uptrend channel formed since October 20 could signal a change in trend, and we could expect gold to reach the 200 EMA around $3,600 in the medium term.
The Eagle indicator is showing a divergence, so it is likely that after a technical correction, the instrument could resume its upward cycle and reach $4,400 in the short term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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