Gold is trading around $4,323, below the 4/8 Murray line and within the trend channel formed since July 21, although we could expect a rally toward $4,375 in the coming hours, followed by a sharp technical correction.

If gold reaches $4,375 or falls below this zone, we could view this level as an opportunity to open short positions with a target at the 21 SMA around $4,258.

If gold gets stuck under bearish pressure, it could keep falling in the coming days until the price reaches the 3/8 Murray level around $4,218. Ultimately, we could expect the price to consolidate around the 200 EMA at $4,145 or near the lower band of the uptrend channel at $4,130.

The Eagle indicator is reaching overbought levels, so we believe gold may struggle to continue rising in the coming hours, given the strong technical resistance around $4,375. A technical rebound above these levels could be seen as an opportunity to enter short positions.

Given that the outlook remains bearish in the coming hours, we could consider selling gold from levels below $4,375, with $4,258 as the first target.