Gold is trading around 4,020, below the 21 SMA and below the uptrend channel formed since early October.
The H1 chart shows that gold is undergoing a technical correction, and we could expect it to reach +1/8 Murray around $3,906.
If the price consolidates above 4,035, we could expect it to reach +2/8 Murray around 4,062.
The H1 chart shows strong overbought conditions. So, if the price closes the gap left at the close of Wednesday's session, we could expect it to reach the 4,040 level and even 4,062.
Our outlook will be bearish as long as the gold price consolidates below 4,062. Therefore, any technical rebound, as long as the price remains below this area, will be seen as a signal for short positions, with targets at $3,900 and $3,800.
The Eagle indicator is showing a negative signal. Therefore, we will look for opportunities to sell below the 21SMA or below +2/8 Murray.
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