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Gold is trading around $4,551 after reaching $4,600 during the European session. It is now consolidating below this level, which also coincides with the upper band of the downtrend channel formed since March 6. A technical correction is likely to occur in the coming hours toward the 21-day SMA at $4,452.
In case of a pullback toward $4,600, this zone could offer a good opportunity to sell, with targets at $4,520, $4,480, and $4,452. Gold is ultimately expected to drop to the 6/8 Murray level around $4,375.
The 61.8% Fibonacci retracement from the recent low of $4,098 to the high of $4,603 is located around $4,311. If gold struggles to rise above $4,600, a technical correction toward this zone is likely in the coming days.
If gold settles above $4,600 and breaks above the downtrend channel, this could support a recovery in gold, and we could expect it to reach the 7/8 Murray level around $4,687, potentially reaching the 200 EMA around $4,900.
The Eagle indicator is showing a positive signal, so we will look for opportunities to buy above the 21SMA or in case of a pullback toward the 6/8 Murray level, with a target at the 200 EMA around $4,900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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