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Early in the American session, gold is trading around 2,921 with a bullish bias and consolidating above 6/8 Murray at 2,890 since early March.
Markets are awaiting the employment data to be published in the United States in the next few hours. NFP data are commonly accompanied by strong volatility. So, gold could reach the support zone that coincides with the bottom of the bullish trend channel around $2,910.
In case gold finds good support and consolidates above 21 SMA (2,913), it will be seen as an opportunity to buy with the first target at 2,929 (7/8 Murray). The price could even reach 2,953 (historical high) and finally, 8/8 Murray located at 2,968.
On the other hand, if the US data is positive, it could affect the strength of gold. If so, we could expect a sharp drop below 2,910. The metal could reach 6/8 Murray at 2,890 and even the 200 EMA located at 2,860.
Our trading plan for the next few hours is to wait for the data to be released and, based on this, make a decision. In case gold drops below 2,913 (21 SMA), it will be seen as a clear signal 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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