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Gold is trading around $4,575, retreating after reaching the psychological level of $4,600, its all-time high for now.
Gold encountered strong resistance around $4,600. From this level, we are seeing a technical correction that could continue in the coming hours and reach the 5/8 Murray at $4,537, ultimately covering the gap left at the close of Friday's session around $4,511.
This strong upward momentum in gold is due to market fears and uncertainties, so we should be very careful, as we could see a sharp rebound in gold in the coming days, reaching the 6/8 Murray around $4,687.
If gold falls below $4,531, we could expect a bearish acceleration, and the instrument could reach $4,473 (21 SMA), a key level that could be seen as a point for a technical rebound, or around the bottom of the uptrend channel located at $4,465.
The Eagle indicator is showing a positive signal, so we will look for opportunities to buy in the coming days, but first, we should expect a technical correction in the coming hours towards the 5/8 Murray support or the 21 SMA. Both levels could be seen as a good point to open long positions.
Let's remember that gold left a gap around $4,510 and another at $4,327. A sharp drop in gold could develop in the coming days, and gold is likely to reach levels of $4,300.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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