Gold, after reaching a low around $3,613, made a strong technical rebound and is now trading around $3,652. It is likely to continue rising until the price reaches the R_2 daily resistance around $3,667. The metal could eventually reach its high around $3,673.
Conversely, if gold retraces below the 61.8% Fibonacci level around $3,650, we could expect the bearish cycle to resume, and it could fall to the 21SMA located at $3,630 and even return to price levels around the 6/8 Murray level located at $3,593.
The Eagle indicator on the H1 chart has been showing a positive signal since September 11, so any pullback in the gold price in the coming days will be seen as a buy signal. It is likely to reach the $3,673 level or even the psychological level of $3,700.
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