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XAU/USD is trading around $4,846, reaching the 61.8% Fibonacci retracement level ($4,920) drawn from its high of $5,440 to its low of $4,080. Gold is expected to remain under downward pressure below $4,920.
According to the daily chart, signs of exhaustion in the bullish momentum are evident, and a technical correction is likely in the coming hours toward the 50% Fibonacci retracement level around $4,810, or the instrument could even reach the 7/8 Murray level around $4,687.
Given that gold has upside potential, a pullback toward $4,750 could be considered an opportunity to open long positions in the coming days, with targets at the 61.8% Fibonacci retracement level around $4,920. If the upward momentum prevails, the metal could even reach the 8/8 Murray level around the psychological $5,000 mark.
Gold has upside potential as it is technically trading above the 21 SMA and the 200 EMA. So, we believe it could continue rising in the coming days and even surpass $5,000.
The Eagle indicator is showing a positive signal according to the daily chart; however, any pullback in gold could be viewed as a buying opportunity. Should gold reach the 61.8% Fibonacci level and fail to consolidate above this zone, it could be seen as a clear signal to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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