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Gold is trading around $4,915, rebounding after finding good support around the 200 EMA, a level located in the $4,835 zone. Gold is expected to continue its upward trend in the coming hours and could reach the 21 SMA around $4,960.
Gold has been in a downtrend channel since February 8. Since then, we have seen a series of declines. However, gold is showing signs of recovery from the downward pressure, so a sharp breakout from this channel is likely to occur in the coming days.
A breakout from the downtrend channel and consolidation above $4,965 will be seen as an opportunity to open long positions, with targets at $5,030, $5,100, and finally at the +1/8 Murray around $5,312.
If gold encounters strong resistance around the 21 SMA and the top of the downtrend channel around $4,963, this will be seen as a signal to take short positions, and gold could resume its bearish cycle and reach 7/8 Murray around $4,685 in the coming days.
The Eagle indicator is showing a negative signal, so it is likely that gold will fall towards the support levels of $4,687 in the coming days and could even reach the key level of $4,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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