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Gold is trading at $4,568, consolidating after leaving a gap around $4,507 over the weekend.
Gold is expected to fall in the coming hours toward the 21 SMA at $4,534 and could even fill the gap around $4,507.
However, the signal remains positive for gold. Therefore, after a technical correction, it will likely resume its bullish cycle and could reach the 200 EMA around $4,646.
If the gold price falls and consolidates below the psychological level of $4,500, downward pressure could persist, and we could expect gold to reach last week's low around $4,438. The instrument could even continue falling until it reaches the 6/8 Murray level around $4,375.
All markets opened with a gap at the start of trading this week, and since these gaps have not yet been filled, it is likely that some will close more quickly while others will take longer.
Given that gold faces strong resistance around $4,646, we could look at this zone as a potential selling opportunity. Conversely, if the XAU price falls toward $4,500, there will be a strong case for opening long positions.
The Eagle indicator is showing a positive signal, so if a technical correction occurs in the coming days, we will look for opportunities to continue buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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