Gold is trading around 3,936, above the 5/8 Murray level and below the 200 EMA and 21 SMA. During recent trading, gold found strong support around 3906.
This level, which coincides with the 5/8 Murray level, could present a bullish opportunity for gold to resume long positions. On the H4 chart, we observe that gold is under downward pressure, and it is likely that if there is a sharp break and consolidation below 3,906, we could expect it to reach the key 4/8 Murray level around 3,750.
Conversely, if gold decisively breaks the descending trend channel and consolidates above the psychological level of $4,000, we could expect it to reach 4,062 and even 4,135.
At the beginning of the week, gold left a gap around 4,106, and it is likely that if the price consolidates above 3,950, we could expect it to reach this level and even surpass it, reaching the 4,238 level.
