The price of gold has been consolidating below 3,400 and below the 21SMA. After reaching the 8/8 Murray level at 3,437, gold underwent a technical correction and is now at a key point.
On the H4 chart, we see that gold is testing the bottom of the bullish channel. If a technical rebound occurs, it could reach 3,404.
Conversely, a sharp breakout of the bullish trend channel could fall to the 200 EMA at 3,319 and could even reach the 6/8 Murray level at 3,281.
Technically, gold is under downward pressure. Thus, a sharp acceleration could occur if the price falls below the 7/8 Murray level or below 3,360.
Meanwhile, gold could only recover in the coming hours if the price consolidates above 3,370, which will be seen as a buying opportunity.
