Gold is trading around 3,743 with a small technical correction after reaching a new high around 3,760. If the XAU/USD trades below the 8/8 Murray level, bearish pressure could intensify, and the price could return to the 7/8 Murray level around 3,671.

On the other hand, if the price consolidates above 3,750, it could continue its upward trend, and gold could reach +1/8 Murray at 3,828.

Looking at the daily gold chart, we can say that a strong technical correction is expected in the coming days only if the price trades below 3,750.

The Eagle indicator has reached the 95-point level, which is extremely overbought. Hence, gold could return to the 3,671 level in the coming days. If bearish pressure intensifies, XAU could even reach the 6/8 Murray level around 3,593.

According to the daily chart, we can see that gold has not experienced a series of corrections since August 18th. Therefore, the odds are that from these price levels, gold could experience a succession of technical corrections, so any technical rebound will be viewed as an opportunity to sell.