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The gold chart shows it's in the midst of a sharp decline and is likely to continue its downward movement until it reaches the lower band of the descending trend channel around $4,288 in the coming days.
If gold consolidates below $4,375 in the next few hours, which represents strong support, we could expect a continuation of the downward movement, reaching the $4,320 weekly support, $4,301 monthly support, and finally $4,288.
We could expect gold to consolidate around $4,320 or $4,300 to anticipate a technical rebound. The trading idea could be to buy around this zone, always with great caution, as bearish pressure persists.
At current price levels, we can sell gold below $4,375, as we observe a breakout of the Murray 6/8. Therefore, the target price would always be around $4,320 or $4,288.
The Eagle indicator is showing a negative signal, so we believe that gold will continue to fall in the coming days to reach the 5/8 Murray level around the psychological level of $4,000, but before this happens, we should expect a rebound towards the 21-period SMA.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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