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Gold is trading around $5,170 within the uptrend channel formed since early March and consolidating above $5,150.
Gold is going on with a technical correction in the coming days until it reaches the lower band of the uptrend channel around $5,050.
If gold consolidates below $5,163 in the coming hours, the outlook could be negative, which could be seen as a signal to sell with a target at $5,018 around the daily S_1 support. The instrument could eventually reach $5,060 around the 200 EMA.
Conversely, if gold consolidates above $5,170, we could expect the bullish cycle to resume. The final target could be $5,250, the area where the top of the upward trend channel is located, which is currently acting as strong resistance.
Given that the Eagle indicator has reached oversold levels, gold is technically expected to continue rising in the coming days and could even reach the +1/8 Murray around $5,313 and finally reach the February high around $5,450.
Our strategy for the coming hours will be to buy gold as long as the price consolidates above $5,160, with targets at $5,190, $5,210, and finally at the top of the uptrend channel around $5,265.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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