Gold is trading around $47,444, rebounding after reaching the 7/8 Murray level and facing downward pressure as it remains within a secondary downtrend channel formed since April 16.
Gold may struggle to continue rising in the coming hours as it faces strong resistance around $4,750; below this level, downward pressure could emerge, and we could expect gold to retreat to $4,715 or $4,667.
A decisive break below $4,687 could accelerate gold's downward movement, and we could expect it to reach the lower band of the downtrend channel around $4,585.
Conversely, a decisive break above $4,779—where the 200 EMA and 21 SMA are located—could signal a shift in the outlook, and we could expect gold to recover, potentially reaching $4,860 and even the upper band of the uptrend channel formed since early April around $4,935.
The Eagle indicator is showing a positive signal, and as long as the price of gold remains above $4,687, the outlook could be positive, and we could look for buying opportunities in the coming days.
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