Gold is trading around 3,335, above the 200 EMA, above the 5/8 Murray line, and within the uptrend channel formed on June 27.
Gold is likely to continue rising in the coming hours. If the gold price consolidates above the 21 SMA, located at 3,340, it could reach the 6/8 Murray line at 3,359 and potentially quickly surpass the 7/8 Murray line around 3,398.
Conversely, if gold falls below 3,320 and breaks the uptrend channel, we could expect a trend reversal, and it may reach the 4/8 Murray line at 3,281, eventually reaching the June 27 support level around 3,242.
The Eagle indicator is showing a positive signal, but we should be cautious, as a technical correction could occur if the price falls below 3,300.
The key area to watch is the 3,360 level. Above this area, we could continue buying, and below this area, bearish pressure could put its strain on the gold price.
