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Gold is currently trading around $4,404, pulling back after reaching a high of $4,510 during the US trading session on September 13; this technical correction reached the 61.8% retracement level at around $4,375.
Given that XAU rebounded from $4,282 to $4,510, the instrument could consolidate above the 200 EMA, above the 4/8 Murray line, and above the 61.8% Fibonacci level, as this entire zone represents strong support.
If gold reaches $4,377 in the coming hours and we see a technical rebound, this could be viewed as a buy signal, with targets at the 23.6% Fibonacci level around $4,453, and the price could ultimately reach the 7/8 Murray level around $4,609.
If gold falls below $4,375, we could expect it to retest the 3/8 Murray level around $4,296; this zone could act as strong support for gold.
Given that the Eagle indicator has reached technically oversold levels, this presents a buying opportunity in the coming days as long as the price remains above the 4/8 Murray level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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