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Gold is trading around 4,617, rebounding after reaching a low at about 4,570 during the US session. Gold could continue to rise in the coming hours and reach a high around 4,635, and we even expect it to reach 6/8 Murray around 4,687.
If gold falls below 4,635 and the price consolidates below this zone, we could expect a technical correction in the coming days, and it could reach 5/8 Murray around 4,571.
The first daily resistance is located around 4,625; this level could offer an immediate barrier for gold in the coming hours. If gold breaks through this level, we could expect it to reach R_2 around 4,653. This level could also be a target for bulls, but a possible technical reversal could occur if it reaches this level.
If the price reaches 6/8 Murray, we would be practically overbought, and a fall in gold would be imminent after reaching this zone.
The Eagle indicator is showing a negative signal as it has reached overbought levels, so we will look for opportunities to sell in the coming hours below 4,635, with targets at the 21 SMA located at 4,550 and finally at 5/8 Murray located at 4,531.
Remember that gold has left two gaps around 4,505 and another at 4,327. Both levels could be covered in the coming days, so we expect a sharp fall in gold towards the key level 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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