Gold is trading around $3,984 within the descending trend channel formed on October 22nd and above the 200 EMA and the 21 SMA, suggesting the possibility of an upward move, though this remains to be seen.

Gold is close to a decisive breakout above the descending trend channel, and we could expect a strong upward move, potentially reaching the 6/8 Murray level around $4,062 and even the 7/8 Murray level around $4,218.

Conversely, if gold falls below the 200 EMA at $3,961, we could expect the bearish cycle to resume, potentially reaching the 5/8 Murray level around $3,906 and even the 4/8 Murray level around $3,750.

The outlook remains bullish for gold. As long as the instrument is trading above $3,961, any pullback will be viewed as an opportunity to continue buying.

The Eagle indicator is showing a positive signal, so we will look for buying opportunities above this zone in the coming hours.