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Gold trading around $5,021 with an upward bias above the 8/8 Murray, above the 21 SMA, and above the 200 EMA. The outlook is that XAU/USD could reach $5,100 in the coming days, or we could even expect it to reach the +1/8 Murray around $5,312.
If gold falls below the psychological level of $5,000, we could expect it to reach the 21 SMA around $4,957. This area could be seen as a good point for a technical rebound, as it crosses the lower band of the uptrend channel formed since early February.
A sharp break below the trend channel and a consolidation below $4,950 could trigger a strong technical correction. In turn, gold is expected to reach the 200 EMA around $4,855 and finally reach the 7/8 Murray around $4,687.
The Eagle indicator is showing a positive signal. So, gold is expected to continue rising in the coming days until it reaches $5,312.
A consolidation and a sharp break below the 200 EMA located at $4,855 could turn gold around, and in the short term, we could expect the 6/8 Murray around $4,375.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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