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Gold reached a new high around the $4,450 level, which coincided with the Murray 5/8 level—a strong resistance level—and, from that level, began to fall. It will likely continue its fall in the coming hours until it reaches the Murray 4/8 level, or we could even expect it to continue falling toward the 200 EMA, around $4,331.
A decisive break below the 200-day EMA, around $4,331, could quickly push prices down to the Murray 2/8 level, around $4,218, and gold could ultimately reach the 21-day simple moving average (SMA), around $4,177.
The Eagle indicator has reached overbought levels, so we will look for opportunities to continue selling gold in the coming hours.
If gold consolidates above $4,453, we could expect an upward move in the coming days. However, since it has technically entered overbought territory, it is most likely that, following a technical bounce, we will look for opportunities to continue selling.
A sharp pullback could occur if gold falls below $4,330, as this area acts as strong support; however, a break below this area could push gold toward the $4,140 level. The instrument could even reach the psychological $4,000 mark.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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