Gold is trading around $4,741 within the uptrend channel formed since March 23, consolidating above the 21-day SMA and above the lower band of the uptrend channel, indicating a positive bias.
Given that gold is currently below the 200 EMA, it may struggle to continue rising beyond this zone. Therefore, if XAU reaches this level in the coming hours and fails to break above it, this could be seen as an opportunity to take short positions.
At current price levels, we could look for buying opportunities since gold is within the uptrend channel and is likely to continue rising until it reaches $4,787; if it breaks above this level, it could reach the weekly high of $4,856.
If gold consolidates above $4,787 and the 200 EMA, this could suggest an opportunity to continue buying in the coming days, with targets at $4,860. We could even aim for the 8/8 Murray level around $5,000.
Conversely, if gold struggles to continue rising and consolidates below the 200 EMA around $4,787—or even breaks below the 7/8 Murray level around $4,687—this could be seen as a negative signal, and in the short term, the metal could reach the 6/8 Murray level around $4,375.
Market anxiety remains high, thus gold is expected to continue rising in the coming days. Therefore, any pullback that occurs—as long as the price remains above $4,687—will be seen as an opportunity to continue buying, with a target of $5,000.
