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Early in the European session, Gold (XAU/USD) is trading around 2,015.98 with a bullish bias but showing signs of exhaustion. A technical correction is likely to occur in the coming days.
A sharp break of the uptrend channel formed since November 13 could accelerate the technical correction and gold could fall towards 8/8 Murray (psychological level of $2,000) and even towards the 21 SMA located at 1,978.
On the other hand, in case XAU/USD breaks above the R_1 daily resistance located at 2,021, we could expect it to reach +1/8 Murray located at 2,031. It could even exceed the strong resistance of 2,035, reaching the psychological level of 2,050.
The positive outlook would be invalidated if gold falls below 1,975 and below 7/8 Murray on the daily chart. Then, it could reach 6/8 Murray at 1,937 and could even head for the 200 EMA located at 1,924.
Gold is very exhausted and the strong bullish signal could be moderated if gold falls below the psychological level of $2,000. The exhaustion of bullish strength could lead to a technical correction because the eagle indicator is reaching overbought levels. So, traders have an opportunity to sell provided that gold breaks below 2,008.
The intraday pivot point is around 2,010. In case gold bounces around this area in the coming hours, it could be seen as a signal to buy, with targets at 2,021 and 2,031. Conversely, if gold breaks this level and consolidates below 2,008, it will be seen as a signal to sell with the target at 1,978.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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