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Gold is trading around $4,984, above the 200 EMA and consolidating after breaking through the psychological level of $5,000 yesterday during the US session.
If, in the coming hours, gold pulls back towards $4,930 or towards the 21 SMA located at $4,955, it will be seen as an opportunity to buy with targets at the top of the uptrend channel around $4,140.
The outlook remains positive, so we will look for opportunities to buy in the coming hours if gold consolidates around $4,955 or above the psychological level of $5,000.
If the metal consolidates below $4,930, the price could reach the 200 EMA around $4,846. Gold could even reach the support of the lower band of the uptrend channel around $4,720.
The Eagle indicator is showing a neutral signal, so a technical correction towards support levels is expected in the coming hours in order to resume the bullish cycle.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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