Gold is trading around 3,292, bouncing above the 4/8 Murray level and forming a technical pattern called a pennant. A break above 3,396, or even a consolidation above the 21 SMA, could mark the start of a bullish cycle.
If gold finds strong support around the 4/8 Murray level, we believe a recovery is likely, potentially reaching the 6/8 Murray level around 3,359.
Conversely, if gold falls below 3,281 in the coming hours, the bearish cycle could resume and the price could reach the 3/8 Murray level around 3,242.
The eagle indicator has reached extremely oversold levels, which is likely to lead to a recovery in gold in the coming days, as it is showing a positive signal.
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