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XAU/USD is trading around $4,777, below the 200 EMA and above the 21 SMA, indicating a difficult-to-reach area as gold is encountering strong resistance around this zone.
If gold consolidates above $4,777 in the coming hours, we could expect it to continue rising and potentially reach the weekly high of $4,856. It could even continue rising next week and reach the psychological level of $5,000.
If the 200 EMA resistance around $4,777 proves strong, we could see this area as an opportunity to open short positions, waiting for gold to return to the lower band of the ascending trend channel located at $4,730.
A decisive break of the ascending trend channel and consolidation below the 7/8 Murray level could signal a trend reversal for gold, and we could expect it to reach the 6/8 Murray level around $4,375 in the coming days.
The Eagle indicator has reached overbought levels. However, the bullish momentum still prevails, so it is expected that after a technical correction, gold will continue to rise in the coming days, and we could look for a good area to open long positions as long as the price consolidates above 7/8 Murray.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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