Gold is trading around $4,050, rebounding after reaching $4,028 at Thursday's close. We see that since opening, XAU has been rebounding and is likely to continue rising in the coming hours until it reaches the upper band of the downtrend channel around $4,075.

If gold consolidates above the 5/8 Murray level around $4,060 in the coming hours, this could be seen as a buying opportunity with a target at $4,120. After breaking out of the downtrend channel, we could expect it to continue rising until it reaches the 200 EMA around $4,284.

Given that the Eagle indicator is showing a positive signal and we are also seeing a triple bottom pattern forming—which confirms that gold's trend over the coming days or weeks could push the price up to $4,300 or even $4,375.

For the bullish outlook to remain solid in the coming days, the instrument should trade above the psychological level of $4,000; any pullback will then be seen as a signal to continue buying.