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Early in the American session, gold is trading around 3,220, showing signs of exhaustion. A further technical correction toward the 21SMA is likely in the coming hours.
On the H4 chart, we can see that gold is trading within a bearish trend channel formed on April 10th. It is likely that in the coming hours the metal could continue its fall to 3,202 and could even reach the bottom of the bearish trend channel around 3,170.
If gold breaks and consolidates above 3,225, we could expect a strong upward movement. So, the metal could continue its rise with a target at 3,245, and the price could eventually reach the +2/8 Murray located at 3,281.
If gold falls towards the 8/8 Murray located at 3,125, we could expect confirmation first if the gold price consolidates below the 21-month SMA. If it consolidates below the +1/8 Murray, then it could reach this target.
The Eagle indicator is reaching overbought levels, so we will look for opportunities to sell below its high of 3,245, with targets at 3,200, 3,170, and finally 3,125.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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