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Gold is trading around 2,181 below 6/8 Murray within the uptrend channel formed since February 28th. Gold is showing signs of exhaustion because in recent trading it has been consolidating and it is likely that in the next few days some technical correction will occur and then it could reach 5/8 Murray around 2,156.
If the upward pressure continues and gold consolidates above 2,190, we could expect it to continue rising to reach 7/8 Murray located at 2,218. However, technically, gold is seen to be heavily overbought and a technical correction is likely to occur before it resumes its upward cycle.
If in the next hours gold consolidates below 6/8 Murray, it could be seen as an opportunity to sell. We could hold our sell orders only in case gold breaks below the 21 SMA located at 2,155. If this scenario occurs, we could sell until reaching 4/8 Murray located at 2,125.
According to the H4 chart, we can see that there is a strong overbought condition in gold as shown by the eagle indicator, and in the coming days, gold could fall below 2,187 with targets at 2,055. If the bearish pressure prevails, we could expect it to reach 4/8 Murray at 2,125 and finally, it could reach the 200 EMA located at 2,060.
Our outlook for the next few hours is to sell below 2,187 and wait for a technical rebound around 2,055 to resume buying. If this scenario does not occur, we may continue to sell below 2,050 with targets at 2,025.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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