Gold is trading around 4,206 with consolidation over the last few days. In December, volume could be low, and we could expect strong and unexpected movements, so we should be very careful, as there could be high volatility due to low liquidity.
If gold consolidates below the 7/8 Murray located at 4,212, we could expect a technical correction to continue, and it could reach the bottom of the uptrend channel around 4,135 in the coming days.
The Eagle indicator is showing a negative signal, so it is likely that gold will continue its bearish cycle in the coming days and could reach the bottom of the trend channel around 4,135. If the bearish pressure prevails, it could even fall to the 6/8 Murray around 4,062.
Conversely, if the price breaks and consolidates above 4,250, the outlook could change, and we could expect it to reach the 8/8 Murray at 4,375.
A sharp break of the uptrend channel and consolidation below 4,150 could change the outlook for gold, and in the short term, it could reach the 5/8 Murray around 3,906.
