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The XAU/USD pair is trading around $4,563, rebounding after hitting strong support that coincided with the lower band of the downtrend channel formed since February 15, giving it a chance to recover.
The outlook for gold is weak, so we could still see downward pressure. If gold approaches the 21 SMA around $4,620 in the coming hours, it could be considered an opportunity to open short positions.
On the other hand, a zone to open long positions would be to wait for gold to continue falling until it reaches $4,500 or $4,480; both levels could offer strong support and could coincide with the lower band of the downtrend channel, presenting an opportunity to enter long positions on a strong technical rebound.
The Eagle indicator has reached oversold levels and is showing a positive signal. Therefore, in case of a technical correction toward $4,500 and as long as the price consolidates above this zone, any pullback will be considered an opportunity to buy in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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