Early in the American session, gold is trading around 3,249, rebounding after reaching the low of 3,224, which coincided with the 200 EMA.
After reaching this bottom, gold is rebounding with confidence and is now reaching the top of the downtrend channel.
With a decisive breakout, gold is expected to continue rising. If gold breaks and consolidates above 3,250 in the coming hours, we could expect a strong upward movement, pushing the price up to the 6/8 Murray level at 3,281 and even reaching the 7/8 Murray level at 3,359.
Gold left a gap around 3,330, and this gap could likely be filled in the coming days. To do this, we will look for opportunities to buy above 3,220, then we could reach the target around 3,335.
Our GAP strategy will be valid as long as gold trades above 3,220. Gold could then take advantage of any pullback to gain upward momentum and reach this zone.
The eagle indicator is giving a positive signal, suggesting that gold could continue its rise in the coming days, so we will look for buying opportunities.
