XAU/USD is trading around $4,981, rebounding after finding strong support around the $4,870 level, which coincided with the lower band of the uptrend channel formed since January 30.
If gold continues to rise in the coming hours and consolidates above the psychological level of $5,000 and above the 8/8 Murray and in turn above the 21 SMA, we could expect it to reach the 1/8 Murray around $5,312.
On the contrary, a sharp break and consolidation below the uptrend channel around $4,880 could lead to a strong technical correction towards the 200 EMA at $4,815. The price could eventually reach the 7/8 Murray around $4,687.
The Eagle indicator is showing a negative signal. Having encountered strong resistance at $5,035 or $5,080, gold could resume its bearish cycle and is likely to continue falling in the coming days.
Given that gold has reached 61.8%, the outlook remains negative, and gold is expected to return to levels of $4,500 and finally $4,375 around the 6/8 Murray in the coming weeks.
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