Gold is trading around $4,474, reaching the 61.8% Fibonacci retracement level drawn from the low of 4,365 to the high of 4,595.

If gold consolidates above $4,460 in the coming hours and above the 61.8% Fibonacci area, it could be seen as a buying opportunity with targets at the 21 SMA around $4,511.

Even a decisive break above the 38.2% Fibonacci level could prompt gold to continue its uptrend, potentially reaching the 200 EMA at around $4,597.

Conversely, if gold falls below $4,460, the downtrend could be confirmed, and we can expect a retest of the key 6/8 Murray support around $4,375.

Gold is under downward pressure. So, if a pullback occurs toward $4,511 or $4,597, its bearish cycle could resume, with prices expected to reach $4,375 in the short term.

The Eagle indicator is showing a positive signal, but XAU/USD may struggle to continue rising as it is under downward pressure; only a decisive break above $4,600 in the coming days could trigger a new bullish sequence, in which case we could expect the instrument to reach $4,750.