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Gold is trading around $4,117 with a strong upward movement after finding good support around 6/8 Murray located at $4,062. Gold rebounded above this zone and is now reaching weekly resistance levels. The price is likely to encounter a barrier below $4,120, so a technical correction is anticipated in the coming hours.
A return to $4,073 or $4,062 could allow traders to resume buying. Therefore, gold could continue its rise in the coming days until it reaches 7/8 Murray around 4,218.
If a technical rebound occurs around the bottom of the uptrend channel located at $4,020 or $4,030, this could also give us the opportunity to buy gold in the short term, and we could expect it to reach $4,270.
A consolidation and a break below the psychological level of $4,000 could change the scenario for gold, and we could expect it to reach $3,906 and even reach the 4/8 Murray around $3,750.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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