Gold is trading around 4,612 under bearish pressure. In recent trading, gold has been consolidating around 4,630. Currently, XAU/USD is above the 21 SMA at 4,607, which means that if there is a sharp break below this zone, we could expect a sharp fall in gold, which could reach 4,571 and finally 5/8 Murray and 4,531.
If gold consolidates above 4,625 in the coming hours, the outlook could remain bullish, and it could reach the 6/8 Murray at 4,687.
According to the H4 chart, gold is showing signs of exhaustion, so a sharp technical correction towards 4,531 is more likely in the coming hours, and the instrument could even cover the gap left at the beginning of the week around 4,515.
A sharp break below the uptrend channel and consolidation below 4,531 could accelerate gold's decline, and it could fall to the 4/8 Murray at 4,375, which represents strong support, and could even cover the gap left around 4,327.
The Eagle indicator is showing a negative signal, so we could look for opportunities to sell in the coming hours below 4,625-4,615 and below 4,607.
