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XAU/USD is trading around $4,176, rebounding above the 1/8 Murray line and within a downtrend channel that has been forming since early September. The outlook could remain bullish, as the Eagle indicator is showing a positive signal.
Gold hit its low around $4,105 on September 25. This level triggered a strong rebound, and the instrument is currently trading around $4,176—a gain of more than $70 in just a few hours.
Technically, we could expect consolidation above the 21 SMA around $4,156. If gold pulls back to this zone in the coming hours, it could be seen as an opportunity to open long positions in anticipation of a decisive break above the strong 2/8 Murray resistance, which has twice acted as a strong barrier.
If gold decisively breaks through the strong 2/8 Murray resistance, we could expect it to reach the upper band of the downtrend channel at $4,284; it could also fill the gap it left around $4,279 on September 23.
Conversely, if gold falls below $4,156, we should exercise caution, as downward pressure could emerge, and we could expect the metal to reach the 0/8 Murray level around $4,060.
The Eagle indicator is showing a bullish signal, so as long as the price consolidates above the 1/8 Murray level, the outlook could remain bullish for the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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