Gold is trading around $4,038, pulling back after the opening of this week's session. Gold had opened trading around $4,080 and has been falling from that level, managing to close the gap left by Friday's closing price.

Gold is currently within an uptrend channel that has been forming since July 15. According to the daily chart, we can see that it is consolidating above the psychological level. Therefore, we believe that it could resume its uptrend in the coming days if it finds solid support around the lower band of this channel, located at $4,013.

If gold consolidates above the 1/8 Murray level, located around $4,060, this could be considered a positive signal to buy in the coming days, in anticipation that it will reach the 1/8 Murray level around $4,140. The instrument could even continue rising to reach the 2/8 Murray level at $4,218.

On the other hand, we observe that gold could find strong support around $4,013 on the daily chart; if this level is broken, it still has another support level around the -1/8 Murray level at $3,984. Both levels could serve as good entry points for long positions, as we've technically seen consolidation since June 22, and a technical rebound is likely to occur in the coming days.

A drop below $4,000 and consolidation below $3,960 could change the outlook for gold, and we could expect it to continue falling until it reaches $3,800.