Gold is trading around 3,689, close to its all-time high and within the upward trend channel formed since September 5.
Gold is showing a strong positive signal, so it is likely to reach 3,718 in the coming days and could even reach the 8/8 Murray around 3,750.
If the gold price falls below its weekly close around 3,685, we could expect a technical correction toward the 7/8 Murray support or around 3,666, where the 21SMA is located.
If gold consolidates above 3,660, it will be seen as an opportunity to resume long positions, with targets at 3,700 and 3,750.
A break and consolidation below 3,666 could revive bearish pressure, and gold could reach support at 3,637. If the price breaks this level, it could drop to the 6/8 Murray level at 3,593.
The Eagle indicator is showing a positive signal, so any pullback in gold is likely seen as an opportunity to continue buying.
