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Gold is trading around $4,132 with a strong upward movement that began at the opening of this week's session. Over the past 24 hours, gold has gained more than $140 in price.
Yesterday, at the opening of this week's trading, gold was hovering around $4,000. Now, the price is around $4,132, so it is likely to continue rising until it reaches strong resistance at $4,162.
On the H4 chart, we can see that gold is trading within an upward trend channel and is likely to reach overbought levels, given the strong resistance at the $4,162 and $4,155 levels.
The Eagle indicator has reached overbought levels, so we should be very cautious in case a technical correction occurs during the US session. A good area to consider short positions could be below $4,162, with targets at $4,062 and even $4,036.
Gold left an unfilled gap on October 24th around $4,114. Yesterday during the US session, it filled this gap, surpassing this level.
Gold also left another unfilled gap around $4,000, so we should keep an eye on this area, as it is likely to return to those price levels in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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