Gold is trading around $3,557, above the 7/8 Murray level, above the 21 SMA, and above the 61.8% Fibonacci level, with a recovery after reaching the low of $3,513.
The XAU could reach $3,570 in the coming hours. Moreover, if bullish strength prevails, we could expect the price to reach even the 8/8 Murray level at $3,593.
Conversely, if gold falls below $3,546, we could expect a further bearish movement. So, the intrment could reach the 38.2% Fibonacci retracement level around $3,537, or the 23.6% Fibonacci level around $3,530, and finally the 6/8 Murray level around $3,515.
Data from the United States will be released during the American session, which could generate strong volatility for gold. We should be attentive to the release of the data, and it is likely that if the news is favorable for the dollar, we could see the gold price fall toward the 3,530 or 3,515 levels.
If the gold price reaches 3,570, where weekly resistance is located, it could be seen as an opportunity to sell. However, if the price breaks above this level, it is more likely that the price will reach its high of 3,580 or even reach 3,593 (8/8).
The eagle indicator is showing a positive signal, so any pullback in gold in the coming hours will be seen as an opportunity to add more long positions.
