Gold is trading around $4,172, rebounding once again after reaching the 1/8 Murray level around $4,140 and hitting a low of $4,135. Gold is above the 21 SMA, so it could continue to rise in the coming hours until it reaches $4,218; this zone represents strong resistance and has acted as a strong barrier on previous occasions.
If gold consolidates above $4,164 in the coming hours, the outlook could remain positive, and we could buy with targets at $4,218; ultimately, we could expect it to reach the upper band of the downtrend channel around $4,260.
A consolidation above $4,218 will signal a strong uptrend, and we could continue buying until it closes the gap left earlier this week around $4,287.
Our outlook will remain bullish for the coming days above the 1/8 Murray level, as this area shows strong, solid support according to the H4 chart.
Therefore, as long as the price remains above this area, our outlook will remain bullish, and we will continue buying with targets at $4,218 and $4,253; finally, we expect it to reach the 3/8 Murray level around $4,296.
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