Early in the American session, gold is trading around $3,996, around the psychological level of $4,000, with bullish potential.
Gold is expected to reach 6/8 Murray around $4,062 in the next few hours and could even reach the 21 SMA around $4,084.
The outlook remains positive for gold as it is technically showing oversold levels. The price is likely to reach the key level of 4,110 in the coming days in order to cover the GAP left by October 20.
If the price falls below the 5/8 Murray located at $3,908, the instrument could accelerate its bearish move and could drop to the 4/8 Murray around $3,750.
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