Gold trading around $5,021 with an upward bias above the 8/8 Murray, above the 21 SMA, and above the 200 EMA. The outlook is that XAU/USD could reach $5,100 in the coming days, or we could even expect it to reach the +1/8 Murray around $5,312.

If gold falls below the psychological level of $5,000, we could expect it to reach the 21 SMA around $4,957. This area could be seen as a good point for a technical rebound, as it crosses the lower band of the uptrend channel formed since early February.

A sharp break below the trend channel and a consolidation below $4,950 could trigger a strong technical correction. In turn, gold is expected to reach the 200 EMA around $4,855 and finally reach the 7/8 Murray around $4,687.

The Eagle indicator is showing a positive signal. So, gold is expected to continue rising in the coming days until it reaches $5,312.

A consolidation and a sharp break below the 200 EMA located at $4,855 could turn gold around, and in the short term, we could expect the 6/8 Murray around $4,375.