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Gold is trading around $4,511, reaching a strong support zone near the psychological level of $4,500 and consolidating after a sharp drop from $4,578.
Earlier in the week, gold had left a gap that was already filled during the US session, and it is expected to resume its bullish cycle.
Therefore, as long as the price consolidates above $4,500, it will be seen as a buying opportunity in the coming hours, with targets toward the upper band of the downtrend channel around $4,545.
A decisive break and consolidation above $4,560 could be seen as a positive signal for the euro. Hence, we could look for buying opportunities toward the 200 EMA; I even expect the instrument to reach the 7/8 Murray level around $4,687.
Given that gold is under downward pressure, a move toward $4,545 could be seen as a signal to open short positions with short-term targets around the 6/8 Murray level at $4,375.
The Eagle indicator has reached oversold levels and is showing a positive signal; only a decisive break above the downtrend channel could trigger our buy signal with targets at $4,700.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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