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Gold is trading around $5,163 above the 21 SMA and within the uptrend channel formed since early February. On an H4 chart, we can see that gold is following an upward bias.
Gold is expected to continue rising in the coming hours if the price consolidates above $5,124. It could reach the +1/8 Murray around $5,312, finally reaching the upper band of the uptrend channel around $5,500.
On the contrary, if XAU/USD falls below $5,124 and even breaks sharply through the uptrend channel and consolidates below $5,080, the outlook could change. So, gold might attempt to challenge the important support where the 200 EMA is located around $5,019, which also coincides with the 8/8 Murray around the psychological level of $5,000.
A fall below the 8/8 Murray and below the 200 EMA could change the outlook for gold, and we could expect it to reach the 7/8 Murray around $4,687 in the short term.
Given that the Eagle indicator has reached oversold levels, gold is expected to continue rising in the coming days. Thus, as long as the price consolidates above the psychological level of $5,000, any pullback will be seen as a signal to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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