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Gold extended its bullish move towards the psychological level, managing to close last week above the key $2,000 barrier. The opening of trading this week, due to low liquidity gave gold a strong bullish boost reaching the 2,017.90 high. This bullish move favors a further uptrend but could be showing signs of exhaustion. So, a technical correction could occur if the price falls below 2,008.
Gold is showing signs of a probable technical correction, but to sell, we should wait for a break below the daily R_2 which has now become a support located around 2,008. This would also mean a break of the small uptrend channel that is formed on H1 charts which could favor a technical correction towards the 21 SMA located at 1,998.
On the other hand, in case there is a pullback towards the daily R_3 located at 2,017, this could favor an opportunity to sell around this level with the target at 1,998.
If in the next few days, gold breaks the uptrend channel formed since November 10th and breaks below the psychological level of $2,000 and below the 21 SMA, we could expect a change in gold's trend.
If this scenario occurs, the metal could reach 7/8 Murray around 1,968 and could even reach the 200 EMA located at 1,963.
Since November 23, the eagle indicator has been giving an overbought signal. A strong correction is likely to follow occur in the next few days which could be seen as an opportunity to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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