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Gold is trading around $5,114 within the uptrend channel, generating a positive signal and rebounding after finding solid support around $5,060.
Gold could continue its rise in the coming days and reach the 21-day SMA around $5,156. If it breaks above this level, it could reach the top of the uptrend channel around $5,270.
Should a technical correction occur in the coming hours toward the lower band of the uptrend channel around 5,060 or the 200-day moving average around 5,046, this could be seen as a signal to open long positions with targets at around $5,156. The metal could even reach the short-term +1/8 Murray line around $5,312.
Given that the Eagle indicator is showing a positive signal, gold is expected to continue rising in the coming days until it reaches its February high around $5,450.
Conversely, a decisive break below the 200 EMA and a decisive break of the uptrend channel could be seen as a negative signal for gold, and we could expect it to reach the psychological level of $5,000. The instrument could even accelerate its decline to reach the 7/8 Murray level at $4,687.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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