Gold is trading around $4,127 within a downtrend channel that has been forming since June 17 and below the 21 SMA. Since the opening of Tuesday's session, gold has plunged from $4,200 to $4,090, indicating strong downward pressure. We could expect it to continue falling in the coming days until it reaches the 5/8 Murray level around $4,062.
Technically, on the H4 chart, gold has formed a technical retracement zone. However, we should expect consolidation above $4,100 for a sustained bullish recovery in the coming days.
A decisive break above $4,175 and consolidation above this level could provide a positive buy signal so that we could open long positions with targets at the 6/8 Murray level around $4,375 and potentially even reaching the 200 EMA around $4,394.
The Eagle indicator has reached overbought levels, and technically, a divergence is visible. So, extreme caution is warranted, as this could mean that gold might continue its slide in the coming days and even reach the 4/8 Murray level around $3,750.
For a sustained uptrend, we should look for buy signals above $4,170; conversely, below this zone, we could expect the instrument to resume its bearish cycle.
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