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Gold is trading around $4,329 below the 6/8 Murray level and bouncing after reaching the lower band of the descending trend channel around $4,268. Given that, after last week's non-farm payrolls report, the instrument left a gap around $4,375, this could be the target for further gains in the coming hours, with the price potentially reaching the 21-period SMA around $4,399.
Technically, gold is showing a positive signal, so a pullback towards $4,300 or $4,270 could be seen as a buy signal in the coming hours.
A consolidation above the 6/8 Murray level could signal a bullish scenario for gold, and we could continue buying in the coming days, with targets at the upper band of the ascending trend channel around $4,478.
The Eagle indicator is showing positive signs, so if gold reaches the S_1 support level around $4,280 or the daily S_2 support level around $4,231 in the next few hours, we could look to this area as a potential long position, with targets around $4,557 in the coming days.
Conversely, we could look to the area between $4,399 and $4,375 as a potential short position. Below this area, there is strong resistance, and we could sell with targets around $4,270.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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