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Gold is trading around $5,200, undergoing a slight technical correction after attempting to break through the top of the bullish channel during Tuesday's US session.
Given that gold has reached resistance levels, it will likely continue its technical correction in the coming hours towards the 21 SMA located at $5,141 and could even reach the 61.8% Fibonacci level of $5,100.
Given that XAU/USD is showing positive signs, any pullback in the coming days could be seen as a signal to continue buying with targets around $5,600.
If gold breaks above Tuesday's high, we could expect a further upward movement, and it could reach February's high of $5,440.
In case of a decline, the price is expected to find good support around $5,141. Once this level is broken, it is likely to drop to the next support around $5,033 and finally to the psychological level of $5,000.
Our strategy remains bullish for gold, so we will look for opportunities to buy in the coming days above the 21 SMA. The Eagle indicator is showing a positive signal, which supports our strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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