Gold is trading around 3,340, a key support level that coincides with the 3/8 Murray line, and below the 200 EMA, which represents strong resistance.
During the first few hours of trading, gold reached the 3,351 level, which coincided with the top of the bearish trend channel formed on August 6.
If gold consolidates above 3,333, where the 21 SMA is located, this will be seen as an opportunity to resume buying, with targets at 3,359 and possibly even reaching the 6/8 Murray line at 3,398.
Conversely, a consolidation on the H4 chart below 3,335 could resume the bearish cycle. So, we could expect gold to reach 3,320, even reaching the important support level of the 1/8 Murray line around $3,300.
The eagle indicator is showing a positive signal, so we will look for opportunities to buy gold in the coming hours if it consolidates above 3,335 or if a breakout and consolidation occurs above 3,350.
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