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Gold is trading around $4,320, showing consolidation since November 11 around $4,300. This could indicate an upward movement towards the 8/8 Murray located at $4,375 in the coming days.
If gold falls below $4,300, we could expect it to reach the bottom of the uptrend channel around $4,250, a key level that suggests a technical rebound, and we will enter long positions.
If gold reaches the 8/8 Murray around $4,375, this could be seen as an opportunity to open short positions, as this represents a strong barrier for gold, and in turn, we could expect a technical correction.
If the price breaks through and reaches $4,400, the instrument is more likely to continue its upward cycle, and we could expect any pullback to open long positions.
The Eagle indicator is showing a negative signal, so gold is expected to undergo a technical correction in the coming days. If XAU breaks below the uptrend channel, we could expect a drop towards the 6/8 Murray located at $4,062.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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