Gold is trading around $4,059, rebounding after reaching the 200 EMA around $4,026 and also reaching the bottom of the uptrend channel located at $4,019.
Gold could continue its rise in the coming hours and reach the daily resistance zone around $4,081. If it breaks this level, it could continue its rise to $4,145.
If gold consolidates above the 21 SMA and 6/8 Murray in the coming hours, we could open long positions, with short-term targets around $4,218. The instrument could even reach $4,311.
An obvious change in the trend for gold could be confirmed if the price decisively breaks the uptrend channel and consolidates below the 200 EMA located at $4,026. It could even fall to the 5/8 Murray located around $3,906.
The Eagle indicator is giving a negative signal, so if the price reaches resistance levels such as $4,081 or $4,120, it could be seen as an opportunity to plan short positions with a target at the psychological level of $4,000.
