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XAU/USD is trading around $4,411, forming a bullish pennant pattern, which we believe could continue its rise in the coming days only if the instrument consolidates above $4,440.
If XAU consolidates above $4,375 in the coming hours, it could be a good entry point to buy on a technical bounce, awaiting a break of the 21 SMA around $4,495.
The Eagle indicator is showing a positive signal, so any pullback in gold could be viewed as a buying opportunity in the coming days.
A consolidation above $4,500 could support gold's recovery, and we could expect it to reach the 7/8 Murray level around $4,687; it could even reach the top of the downtrend channel at $4,770.
A drop below $4,250 could resume the bearish cycle, and gold could reach the 5/8 Murray level around $4,062 or even hit the psychological level of $4,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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