Gold is trading around $5,072, rebounding after reaching $5,000 on August 8, around the psychological level. From its peak of around $5,104, gold underwent a sharp technical correction.
Yesterday, during the US session, gold fell more than $100, but managed to recover some of its losses and could now consolidate around $5,070. It is likely to continue rising in the coming days until it reaches the +1/8 Murray located at $5,156.
Given that gold is showing negative signs, a technical correction is expected in the coming hours, and the instrument could reach the psychological level of $5,000. We could expect a technical rebound around the 21 SMA located at $4,981.
A break above $5,080 could favor gold's recovery, and we could expect it to reach $5,104 and even $5,156.
A sharp break and consolidation below 8/8 Murray and below the 21 SMA could signal a change in the gold trend. We could expect XAU/USD to reach the 7/8 Murray at $4,843, and it could even reach the 6/8 Murray at $4,687.
We must remember that gold left a gap around $4,500. Gold will likely fall and cover this gap in the coming daysas a strong technical correction is probable.
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