Gold is trading around $3,982, below the 21-day SMA and within the descending trend channel formed on October 22nd, with a negative bias. It is likely to continue falling in the coming hours, potentially reaching the 5/8 Murray level around $3,906.

Gold is expected to continue its downtrend in the coming hours and could reach the key $3,900 level. Even if it breaks through this zone, we could expect it to get to the bottom of the descending trend channel around $3,820. Strong support is expected around the 4/8 Murray level at $3,750.

The outlook remains negative for gold, as we could expect it to continue its downward cycle in the coming days and potentially reach the key level of $3,906.

Conversely, a break and consolidation of XAU/USD above the psychological $4,000 level could push gold to reach the 6/8 Murray level at $4,062. Should this scenario occur, XAU could fill the gap left around $4,110.

If gold has a technical rebound around the 200 EMA at 3,959 in the coming hours, it could be seen as a buying opportunity. Conversely, if the price rebounds around 3,906 and consolidates above this level, it will be viewed as an opportunity to open long positions.