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Early in the American session, gold was trading around $2,990, consolidating below the psychological level of $3,000 and reaching overbought levels.
Gold is expected to continue rising in the coming hours and could reach +1/8 Murray at $3,007. If bullish strength prevails, it could reach +2/8 Murray at $3,046. To achieve this, we expect the price to remain above $2,980.
Technically, the psychological level around $3,000 could act as a pivot point. If the price of the metal falls below this level, it could rise again. On the other hand, if the price breaks above this level, the instrument could correct towards this zone.
The new all-time high reached on Friday around 3,004 will be the first barrier to overcome. From there, we could expect a move to the 3,046 level, which represents extremely overbought conditions.
On the other hand, a technical rebound around the 8/8 Murray level at 2,968 could offer an opportunity to buy gold. If this scenario occurs, overbought pressure could ease, and traders could buy XAU/USD again with a target at 3,046.
A drop below the 21 SMA could change the course, and gold could enter a bearish phase. So, we could expect the price to reach the 200 EMA around 2,883.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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