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Gold is trading around $4,862, rebounding after reaching the $4,840 level, the level last seen a month ago. The price could find strong support around this area.
If gold rebounds above $4,840 in the coming hours, the outlook could be positive, and we expect a recovery that could reach the 8/8 Murray line around the psychological $5,000 level.
If gold continues to face downward pressure, it is expected to reach the bottom of the downtrend channel around $4,780.
$4,840 could act as strong support for gold's recovery, so we could look for opportunities to buy above this zone, with a target at the 200 EMA around $5,030.
Gold was trading in the 7/8 Murray zone at the beginning of February, so if the downward pressure persists, we could expect it to reach these levels in the coming days.
Our outlook for the next few hours is to buy above $4,840, with targets at $4,900, $4,945, and finally around $5,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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