Gold is trading around 3,346, bouncing off the 200 EMA and around the top of the downtrend channel. This has become a support.

Gold could be preparing for a new bullish sequence, so as the price consolidates above 3,325 or 3,312. Any technical rebound will be seen as a buying signal, with a short-term target at 8/8 Murray, located at 3,437.

At current price levels, we could look for buying opportunities. However, we must keep in mind that 7/8 Murray represents resistance, and it is likely that gold could correct again after reaching this level.

A consolidation above 3,360 on the H4 chart could lead to a new bullish cycle. Hence, the instrument coud quickly reaching the 8/8 Murray at 3,437.

The Eagle indicator is showing a positive signal, so any pullback will be seen as a buy signal as long as the price remains above both moving averages.