Gold is trading around 2,381, above the 21 SMA, and above 6/8 Murray. Technically, gold could continue its rise in the coming days if it consolidates above 2,375. The metal could trade within the uptrend channel and could reach 7/8 Murray located at 2,437.
In case gold breaks and consolidates below the uptrend channel forming since March 26, it could accelerate its bearish movement and reach 4/8 Murray located at 2,250 in the short term. The instrument could even find good support around the 200 EMA located at 2,243.
Over the next few hours, we could expect gold to continue rising. The chances could be favorable as gold has found good support at 2,375.
Yesterday during the American session, the XAU/USD reached the bottom of the bullish channel and from that point, it has been bouncing. It means that the metal maintains bullish momentum. In this case, we will only buy above 6/8 of Murray.
The eagle indicator is giving a negative signal. If the instrument breaks and falls below 2,370, the outlook could change and it will be seen by traders as an opportunity to sell.
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