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Early in the American session, gold is trading around $2,876 and below the 21 SMA, reaching the top of the downtrend channel forming since February 19.
During the weekend, gold opened with a bullish gap around 2,876. After the opening of trading this week, gold covered this gap with a technical correction and is now showing a positive signal. So, the price is likely to find strong resistance around 2,880.
In case gold finds strong resistance around 2,879 where the 21 SMA is located, it can be seen as an opportunity to sell. The target can be placed at 5/8 Murray at 2,851. Finally, the metal could reach the 200 EMA located at 2,845.
On the contrary, if gold consolidates above 2,880, we could expect a new bullish sequence, but for this to happen, gold would have to break 6/8 Murray located at 2,890. If a break occurs and the instrument consolidates above 6/8, then gold could reach 7/8 Murray at 2,930.
The eagle indicator has reached the oversold zone. Having reached a low of 2,832, gold made a strong technical rebound. Now we expect a further rise in the next few days. The key is to pay attention to the consolidation of the gold price above 5/8 of Murray.
Our trading plan for the next few hours is to buy gold in case it falls towards 2,851 or 2,845.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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