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Gold is trading around 4,671, consolidating after reaching 6/8 Murray at 4,687. Gold encountered strong resistance in this area and is likely to undergo a technical correction toward the 21 SMA located at 4,621 in the coming hours.
At the opening of trading this week, gold left a gap from Friday's close at 4,596 to 4,655. It is likely that in the coming hours, gold will cover this gap and could reach levels of 4,575, where the bottom of the uptrend channel formed since the end of December is located.
If the bullish momentum prevails, we should expect gold to consolidate above 6/8 Murray, and it could then reach the top of the uptrend channel around 4,758.
The Eagle indicator is showing a negative signal, so we expect gold to make a strong technical correction towards the 21 SMA and the bottom of the uptrend channel around 4,570 in the coming hours.
We could see this scenario as an opportunity to sell below 4,671, with targets at 4,621 and 4,670, as a technical correction is technically expected in the coming hours.
In the short term, we expect gold to continue falling and could cover the next gap left around 4,515. A sharp break below the uptrend channel would favor gold to cover this gap.
If we look at the H4 chart, gold has been testing and respecting its uptrend channel, so a break of this channel could accelerate the fall in gold.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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