The XAU/USD trend remains bullish as long as the price consolidates above 3,331.
Therefore, it would be prudent to buy gold as long as the price consolidates above 3,359, where the 7/8 Murray level is located.
Gold's volatility will continue over the next few days, so we believe it could move between 3,386 and 3,356.
Consequently, if gold consolidates and breaks above 3,383, it would be seen as a buying opportunity, with targets at the 8/8 Murray level around 3,437.
Last month, gold gapped around 3,427. This will likely be seen as a buying opportunity if the price breaks above the psychological level of $3,400.
Conversely, below the R_1 around 3,386, gold will be seen as an opportunity to sell, targeting 3,331 and the bottom of the uptrend channel around 3,320.
The eagle indicator is showing a negative signal, so we must be cautious when buying, as a very strong technical correction could occur.
