Gold is trading around $5,174 within the uptrend channel formed since early February, undergoing a technical correction after reaching the top of the uptrend channel around $5,255.
Gold could continue to fall in the coming hours and reach the 21 SMA around $5,097. This level could offer support to gold, which could resume its upward cycle and reach the 1/8 Murray around $5,312.
If the bearish force prevails, we could expect it to continue its bearish cycle, and gold could reach the psychological level of $5,000 around the 8/8 Murray and could even continue its fall until it reaches the 200 EMA around $4,889. The ultimate target could be the lower band of the uptrend channel around $4,850.
If gold consolidates above $5,150 in the coming hours, it could be seen as a positive sign, and the instrument could return to resistance levels around $5,250. Finally, gold is expected to reach $5,312.
The Eagle indicator is showing a negative signal and is expected to continue falling towards the $5,000 or 4,800 levels.
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