Gold is trading at $4,077, rebounding after reaching key support around $4,040. This level coincided with the 61.8% Fibonacci retracement, plotted from the low of $3,996.
Gold will likely continue its rise in the coming hours until it reaches $4,117. The instrument could even return to the 7/8 Murray located at $4,218.
Today, the labor market report from the United States will be released, which could generate strong volatility in gold, so we must be very attentive to the development of the technical movement. Above $4,062, where 6/8 Murray is located, we could take long positions, with targets at $4,150 and $4,172.
On the contrary, if there is consolidation below $4,065, we could expect gold to reach the 200 EMA around $4,023 or it could even find strong support around the bottom of the uptrend channel located at $4,010.
