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Gold is trading around $4,317.95 within a descending trend channel formed in April 2016, and is currently reaching the upper band of this channel.
Given that gold is accumulating and consolidating around $4,310, we could expect a technical rebound, potentially reaching the 6/8 Murray level around $4,375.
If gold consolidates below $4,300, the outlook could be negative, and we could expect it to reach the daily S_1 support level around $4,265 and the daily S_2 support level around $4,204.
We must closely monitor gold's movements. A sharp break below the descending trend channel could accelerate its decline to the psychological level of $4,000 in the short term, or the price could find support around the 5/8 Murray level located at $4,062.
A technical bounce above $4,310 could be seen as an opportunity to open long positions with targets at the 6/8 Murray level and the 21-period SMA around $4,430. We could ultimately expect it to reach the 200-period EMA around $4,550.
The Eagle indicator is showing a negative signal. So, after a technical bounce in gold towards the strong resistance at the 6/8 Murray level, the bearish cycle could resume. Gold could reach the psychological level of $4,000 in 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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