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Gold is trading around $5,158, undergoing a technical correction after reaching $5,220 during the European session, showing a positive bias, although signs of exhaustion in the bullish momentum are evident.
Yesterday, during the American session, XAU/USD made a sharp technical correction from $5,260 to $5,080. From that level, which coincided with the 21 SMA, gold made a technical rebound and is now likely to resume its bearish cycle.
If gold falls below $5,143 in the coming hours, we could expect the downward movement to continue, and it could reach the psychological level of $5,000, which also coincides with the lower band of the upward trend channel.
If there is a break above today's high reached during the European session around $5,220, we could expect gold to continue rising. The instrument could reach +1/8 Murray around $5,312 and even touch the upper band of the uptrend channel around $5,400.
The Eagle indicator is showing a positive signal, and any pullback in gold around $5,140 or towards the psychological level of $5,000 will be seen as an opportunity to open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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