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Gold is trading around $4,469, falling after encountering strong resistance around the top of the uptrend channel at $4,499.
XAU/USD could continue its fall during the European session towards support at $4,414 (21 SMA). This level could give gold a technical rebound, and we could look for opportunities to take long positions, with a target at $4,500.
We must pay attention to the gap left by gold at the beginning of this week at about $4,327. So, we believe that in the coming days, gold could make a strong technical correction and cover this gap.
If gold finds good support around 4/8 Murray located at $4,375, it will be seen as an opportunity to take long positions with a target at $4,531.
The Eagle indicator is showing a bearish signal, although it is reaching oversold levels, so after a technical correction, the bullish cycle for gold could resume.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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