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Early in the American session, gold was trading around 2,609 within a symmetrical triangle pattern in anticipation of the US inflation data to be released in the next few hours.
In case gold breaks and consolidates above 2,613, the outlook could be positive and gold could reach the 21 SMA area around 2,635 and even the top of the downtrend channel around 2,640.
On the other hand, if gold breaks below the symmetrical triangle and consolidates below 2,605, we could expect a bearish acceleration and the price could reach 2/8 of Murray around 2,578. In either case, we could look for opportunities to buy or sell gold as the break of the pattern will confirm the next move for XAU.
In case gold reaches the 2,641 area, it will be seen as a signal to sell as gold is trading within the downtrend channel and below this area. We could see it as an opportunity to sell with targets at 2,617 and the psychological level of 2,600.
In case gold falls towards the 2/8 Murray zone around 2,675, it will be seen as an opportunity to buy as technically, gold is showing oversold signs. This area will be seen as an opportunity for a technical bounce. Therefore, we could buy with targets at 2,600 and 2,635.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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