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Gold is trading around $4,530, above the 21-day SMA and within the uptrend channel formed since March 23. If gold pulls back toward the 200-day EMA in the coming hours, it will be seen as an opportunity to buy above $4,484.
This zone, where the 21 SMA is located, coincides with the lower band of the uptrend channel, and a rebound above this zone is likely to offer a buying opportunity in the coming hours.
Gold has bullish potential and is expected to continue rising in the coming days to reach the 61.8% Fibonacci retracement level toward the $4,687 zone. XAU/USD could even climb to the 100% Fibonacci extension level around $4,875, which coincides with the 200 EMA.
If, in the coming hours, gold breaks below the psychological level of $4,500 and consolidates below $4,484, we could expect a continuation of the downward movement, with the price potentially finding support around $4,375.
Given that gold has a positive outlook, we will look for opportunities to buy at current price levels around $4,530 or around $4,484, with targets at $4,600 and $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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