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Gold is trading around $4,324, rebounding after reaching the December 18 support zone around $4,312.
Gold could recover some of its losses in the coming hours and could reach 8/8 Murray around $4,375. This level could be seen as an opportunity to resume selling operations.
If gold falls below yesterday's low and consolidates below $4,300, we could expect it to reach the 200 EMA around $4,260 and potentially accelerate its decline to reach the 6/8 Murray level around $4,062.
If gold continues to rebound in the coming hours, we could expect strong resistance at $4,375 to take short options with short-term targets around $4,260 and $4,200.
If gold consolidates above $4,375, the outlook could be positive. The price is expected to reach the 21 SMA around $4,467. This level is key as it represents the 61.8% Fibonacci level, which could be seen as an opportunity to open short positions.
If our strategy is to buy, we could look for opportunities to open long positions above $4,320 with targets at $4,375 and $4,450.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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