Gold is trading around $4,014, rebounding after hitting a low of $3,982 during Tuesday's Asian session. From a technical perspective, gold is expected to continue rising in the coming hours until it reaches the 2/8 Murray level, around $4,060.
If gold consolidates above the psychological $4,000 level, the outlook could be positive, and the metal could reach the 21-period simple moving average (SMA) around $4,080.
According to the H4 chart, we can see that gold left a gap around $4,124. If the price continues to rise above $4,000 - $4,060, it is likely to fill this gap and could reach the 200-period EMA, around $4,211.
On the H4 chart, we can see that gold has been trading within a bullish channel formed since June 24, suggesting that once it breaks above the psychological level of $4,000 in the coming days, it is likely to continue rising, which could be a clear buy signal.
A stop-loss could be placed below the low of June 30 or June 23, which is around $3,959, as this would indicate a break below the channel and could lead to a continued decline toward the 1/8 Murray level.
