Gold is trading around 4,293 with a strongly bullish bias. It is likely that the yellow metal will continue to rise in the coming hours to reach the 61.8% Fibonacci retracement level around 4,310 and could even surpass this area and reach 4,330 or even 4,348.
The eagle indicator is showing a positive signal, so any pullback in the price will be seen as a clear signal to buy, as the eagle indicator is showing bullish momentum.
The instrument is now above the 21 SMA, which favored a strong bullish movement. If there is a pullback in the coming hours towards 4,280 or 4,265, the area where the 38.2% level is located, we can look for opportunities to enter long positions.
The price of gold is expected to reach 8/8 Murray around 4,375 in the coming days. It could even surpass this level and reach the psychological level of $4,400.
Once this level is surpassed, the instrument is likely to rise to reach 4,500 and even +1/8 Murray around 4,531.
