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Gold is trading around $4,451 after a slight technical correction when it reached the top of the uptrend channel formed since December 30. Gold reached its high for now around $4,474, but it could continue its rise in the coming hours and reach the daily R1 around $4,487. Moreover, if the bullish momentum prevails, the metal could reach the 5/8 Murray at $4,531.
Given that gold began an upward cycle after the opening of this week's session, there is likely to be a strong technical correction in the coming days, and gold could return to the price level of $4,327, where it left a gap.
Technically, it is reaching exhaustion levels, and a good option for opening short positions would be to wait for the price to reach the daily R1 around $4,485 or the top of the uptrend channel around $4,490. Both levels could be seen as a point for a sell scenario.
Gold is expected to reach the 4/8 Murray support at $4,375 or the bottom of the uptrend channel around $4,327 and then resume its upward cycle. According to the H4 chart, the Eagle indicator is showing a positive signal, so any pullback will be seen as a signal to buy in the medium term.
It is likely that gold will reach $4,530 in the coming days and could even surpass this high, as there is strong buying pressure. We will therefore look for opportunities to enter long positions in case of a technical rebound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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