Gold is trading around 3,332, recovering after having reached the key level of $3,300. Gold is expected to climb to the 7/8 Murray level around 3,398 in the coming days.
Gold is showing positive signs, so any pullback, as long as the gold price remains above the 5/8 Murray level, will be seen as a buying opportunity with targets at 3,342, 3,359, and eventually 3,398.
A break below 3,320 could revive the bearish cycle, and we could expect gold to fall toward the important support level of the 4/8 Murray level located at 3,281.
A sharp breakout of the downtrend channel and consolidation above $3,340 could signal a recovery for gold, potentially reaching the psychological level of $3,500 in the short term.
Key support levels are located at 3,320, 3,300, and 3,281, the latter being located at 4/8 of the Murray line.
Immediate resistance levels are 3,333, 3,342, and 3,359, the latter representing 6/8 of the Murray line, which is a strong barrier.
