Gold is trading around $5,186, around 50% of the Fibonacci retracement, showing a positive bias after reaching $5,100 during Wednesday's US session.

XAU/USD is expected to continue rising in the coming hours and could reach the 61.8% Fibonacci level, which coincides with the 21 SMA around $5,246.

If gold reaches the 61.8% Fibonacci level and consolidates below this zone, it could be seen as a signal to sell with a target at the 23.6% Fibonacci level around $5,090. The instrument could even reach the 200 EMA, which coincides with the 8/8 Murray around the psychological level of $5,000.

The outlook for gold remains bullish in the medium term, so any pullback will be seen as a signal to continue buying, as it is expected to continue rising in the coming days on the back of geopolitical tensions, as investors view it as a safe-haven asset.

A sharp break below the psychological level of $5,000 could change the outlook for gold, and we could expect it to reach the 7/8 Murray around $4,687.

The Eagle indicator is showing a negative divergence, so if the price reaches the 61.8% Fibonacci zone in the coming hours, it will be seen as a signal to open short positions.