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Gold is trading around $5,010, rebounding above the psychological level of $5,000 and above the 21-day SMA. Gold has been consolidating around this area since March 15, so it is likely to resume its uptrend. For this to happen, we should expect consolidation above $5,020.
A drop below the secondary uptrend channel and a consolidation below $5,000 could change the outlook for gold, and we could expect it to reach the lower band of the downtrend channel around $4,912.
If gold continues to rise, it is expected to reach the 200 EMA as strong resistance around $5,101 and could even reach the top of the downtrend channel formed since March 10 around $5,125.
The outlook remains bullish for gold as long as the price trades above the psychological level of $5,000.
The Eagle indicator is showing a positive signal on the H1 chart, so we believe it could continue rising in the coming days to reach $5,220 and eventually the +1/8 Murray level around $5,318.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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