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Early in the American session, Gold (XAU/USD) is trading at 1,882.64, below the 4/8 Murray, below the 21 SMA, and 200 EMA.
If gold continues to consolidate below this level (1,875), it could be a signal that the instrument could reach the psychological level of 1,850 in the next few hours and even 3/8 Murray at 1,843.
In case there is a sharp break above 4/8 Murray, we could expect a resumption of the bullish cycle and the price could rise towards 1,880 and 1,906 (5/8 Murray).
The daily pivot point is located around 1,869. In case gold trades above this level, we could expect the price to recover. So, a new bullish movement could originate and the price could reach 1,885 and the psychological level of 1,900.
On the 4-hour chart, gold is trading within a slightly bearish channel which has been going on since early February. During the European session, gold reached the bottom of this channel around 1,852.65. Currently, we can see a technical bounce in gold. The instrument could continue its rise and climb to 1,877 (200 EMA).
Our trading plan for the next few hours is to buy gold above the daily pivot point around 1,869 with targets at 1.885 (top bearish channel) or wait for a bounce around 1,853 to buy with targets at 1,870 and 1,886.
The eagle indicator is moving into the oversold zone and it is likely that any decline in gold could be seen as a signal to buy. The 3/8 Murray zone could offer good support. In case gold falls below this level, we could wait to buy and the price could reach 5/8 Murray at 1,906 in the next few days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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