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Gold is trading around $4,321 following a sharp technical correction, after reaching a high of $4,449 yesterday during the Asian session.
From that level, gold has fallen sharply and is likely to continue declining in the coming days until it reaches the Murray 3/8 level, around $4,218, or it could even find strong support around $4,193, at the 200-period exponential moving average (EMA).
If, in the coming hours, gold reaches the $4,320 low—which represents the low from August 7—a technical rebound could occur, as this level technically represents the daily S_1 support level. If XAU remains above this zone, gold is likely to recover in the coming hours.
A move toward $4,375 could be considered an opportunity to open short positions. On the other hand, if the price reaches $4,387, it will be considered a clear signal to sell in the coming days, with targets around the Murray 3/8 level.
The Eagle indicator is showing a negative signal at the moment; therefore, as long as the instrument trades below the Murray 4/8 level in the coming hours, our outlook will remain negative.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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