Gold is on the way to new all-time highs, placing the price within a strong upward trend similar to the movement formed on September 11. XAU/USD could continue its rise in the coming hours, reaching 3,963, a level that coincides with the top of the uptrend channel.

At current price levels, gold is having a small consolidation. If the price remains above +1/8 Murray in the coming days, we could expect a strong upward acceleration that could push the instrument up to 3,950 and even to the psychological level of $4,000.

Conversely, if the gold price falls below the key level of 3,906, we believe it could reach the 21SMA around 3,872 or the bottom of the uptrend channel around 3,860.

If gold undergoes a technical correction in the coming hours, it will be seen as an opportunity to resume long positions, with targets at 3,930 and 3,963.

A sharp break of the uptrend channel in the consolidation below 3,870 could change the outlook for gold, and we could expect it to reach the key 8/8 Murray support around 3,750 in the short term.