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Gold is trading around 4,171 within the uptrend channel, approaching a strong resistance zone. Below this level, we could expect a strong technical correction in the coming hours, with targets towards the bottom of the uptrend channel or towards the 21 SMA.
According to the H1 chart, gold is reaching overbought levels, so a technical correction is likely to occur in the coming hours. It means we could look for opportunities to plan short positions below 4,172.
The immediate support for gold is seen at 4,150 - 4,140. These levels could give it a technical rebound and could suggest an opportunity to resume buying with a target at the 7/8 Murray located at 4,218.
On the contrary, a sharp break below 4,140 and a consolidation below this zone could mean a change in trend and, in turn, a break in the uptrend channel. So, we could expect it to reach the 200 EMA located at 4,098. The price could even reach the 6/8 Murray located at 4,062.
Given that gold is overbought, if there is an upward movement and the price reaches 4,190 or settles below 4,172, we could plan short positions for 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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