Gold is trading around $3,334 above the 200 EMA, showing a positive bias after bouncing off the weekly low of 3,320 at the 5/8 Murray level.
If gold consolidates above the 200 EMA, located at $3,329, the outlook could be positive, and we could expect it to reach the 6/8 Murray level at $3,359 and even the key 7/8 Murray level at $3,398.
On the other hand, this area could be broken, and we could expect gold to reach the support of the uptrend channel formed on June 30th around $3,300. This level could be seen as an opportunity to resume buying with targets at 3,359, around the 6/8 Murray level.
If gold consolidates above $3,360 in the coming days, it is likely to reach the psychological level of $3,500 in the short term.
On the other hand, if the price consolidates below $3,300, the outlook could be negative, and we could expect it to reach 3/8 Murray at $3,241, and even the $3,200 level could seem closer.
The eagle indicator is showing a positive signal. However, there is bearish pressure, so we must be cautious, as gold could continue its fall in the coming days. A technical rebound is also likely, as a support area provides a buying opportunity.
