Gold is trading around $4,493, rebounding after reaching the 200-day EMA at around $4,477 and showing a slight recovery. We could expect it to continue rising in the coming hours and days if the price consolidates above $4,460.
Given that gold has reached the 61.8% Fibonacci zone, if the price remains above the 200 EMA, this could be seen as a positive signal to buy. However, if the price falls below the 200 EMA and below $4,470, the outlook could turn negative, and we could expect it to reach the 6/8 Murray level around $4,375.
The daily gold chart shows that it is at a turning point. If the price consolidates above $4,477, it could be seen as a positive buy signal, with targets at the 38.2% Fibonacci level around $4,600. The instrument could even reach the 23.6% Fibonacci level around $4,730.
The Eagle indicator is showing a positive signal, hence we believe gold could rise in the coming hours. To confirm this, we must carefully monitor whether the price remains above the 200 EMA, which could signal a bullish trend and present a buying opportunity.
