Gold is trading around $4,725, rebounding after opening this week with a gap at about $4,631. From these levels, gold has been rebounding and has recouped some of its losses. However, it is still expected to continue rising in the coming hours until it fully closes the gap around $4,750.

If gold encounters strong resistance at the top of the downtrend channel formed since April 7 or around the 200 EMA at $4,772 and fails to consolidate above this zone, it could be seen as a signal to open short positions with targets at $4,600 and ultimately at the 6/8 Murray level around $4,375.

If this scenario comes true and gold consolidates above $4,772, it could be seen as a positive signal, and we could buy with targets at $4,860, last week's high. Once this level is surpassed, we could expect the price to reach the Murray 8/8 around the psychological level of $5,000.

Technically, gold is under downward pressure; only a consolidation above $4,800 could change the outlook for gold, and we could expect an upward trend in the coming days.

If the instrument trades below the 200 EMA, any move toward this resistance zone could be considered a signal to continue selling in the coming days, with targets toward $4,375.

The Eagle Indicator has reached overbought levels and is showing negative signals, so we expect the price of gold to continue falling in the coming days.