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Gold is trading around $4,271, rebounding after hitting a low of $4,250. This area represents strong support, and we could expect the price to recover in the coming hours, potentially reaching the 3/8 Murray level around $4,296 or even the 21 SMA around $4,315.
Recent trading has shown strong downward pressure on gold; however, we have also observed strong support on the H4 chart. Therefore, we believe a recovery could occur in the coming hours, so we will look for opportunities to buy from current price levels with a stop-loss below the low on the H4 chart and with targets up to the upper band of the uptrend channel at $4,335.
We believe that gold could rebound in the coming hours and even during Friday's US trading session. Therefore, from a technical perspective, we will look for opportunities to buy above $4,270, with targets at $4,300 and $4,335.
A potential area to open short positions could be if the price reaches $4,315 or $4,335; both levels could offer strong resistance and could be seen as an opportunity to open short positions.
The Eagle indicator has reached overbought levels; therefore, after a technical rebound, we should look to sell when strong resistance levels are reached.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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