Gold is trading around 4,150, around 61.8% of Fibonacci, oscillating between 4,240 (maximum) and 3,996 (minimum).
Gold could resume its bearish cycle in the coming days if it falls below the 61.8% Fibonacci level and could continue to fall in the coming hours if it consolidates below the 21 SMA located at 4,137.
If XAU falls below 4,140, we could expect a further bearish movement towards the 38.2% Fibonacci level located around 4,100. If the bearish pressure prevails, the price could reach 6/8 Murray, which in turn represents strong support as it coincides with the 23.6% Fibonacci retracement.
On the contrary, if gold breaks above the 61.8% Fibonacci level and consolidates above 4,165, we could look for opportunities to continue buying with targets at 7/8 Murray located at 4,218. The instrument could finally reach 4,247, the high of November 12.
