Gold is trading around $4,930 below the 21 SMA and rebounding after approaching the 200 EMA zone during Tuesday's European session.
Gold could continue its rise in the coming days and even break above the psychological level of $5,000. Finally, the instrument could reach the +1/8 Murray around $5,312.
We should wait for confirmation of a breakout from the secondary downtrend channel formed since February 10. If gold consolidates above $5,000, then it will be seen as an opportunity to open long positions.
On the contrary, if there is a pullback towards $5,000, we could see it as an opportunity for short trades. So, we could sell with targets at the 200 EMA around $4,835. Finally, we could expect it to reach the 7/8 Murray around $4,687.
The Eagle indicator is showing a positive signal, so any pullback in the coming days will be seen as an opportunity to continue buying.
