Gold is trading around $4,318 following a consolidation period near the 4/8 Murray level since September 16. During Monday's US trading session, gold broke below $4,354, approaching the 3/8 Murray zone around $4,296.

We could expect gold to reach the strong support at the 3/8 Murray level, at which point a technical bounce might occur around this zone. This could be considered an opportunity to take long positions, as this level also represents the 61.8% Fibonacci retracement, with targets around $4,354 or $4,375.

Since early September, gold has been trading within a downtrend channel, and technically, it is expected to reach the 2/8 Murray level around $4,218 in the coming days. This level could be the target for bears; however, we should wait for a break below $4,300, as this represents strong support before expecting it to reach that level.

In case of a rally toward $4,354 or $4,375, there is strong resistance, as these levels technically coincide with the 200 EMA, the 4/8 Murray level, and the 21 SMA. Therefore, acting as strong resistance, this will give an opportunity to take short positions.

Our trading plan for the coming hours is to wait for gold to reach $4,296; we are anticipating this level because a strong technical rebound could occur there, and our goal will be to take long positions.