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Gold is trading around $4,278, below the 3/8 Murray level, and rebounding after hitting a low of $4,254, last seen on August 7, 2026.
Technically, gold is within a downtrend channel that has been forming since August 25. However, it is reaching levels where the downward momentum is exhausted, and we could expect a technical rebound in the coming days.
The outlook for gold is that a technical rebound will occur in the coming days. Hence, if the price consolidates above the 3/8 Murray, we could then expect it to reach the 21 SMA around $4,352 and ultimately reach the 200 EMA around $4,375—a level that coincides with the upper band of the downtrend channel and represents strong resistance for gold.
In the coming hours, we can buy as long as the price consolidates above $4,250, since technically, this level offers strong support that has previously encouraged a recovery.
Our outlook for the coming days is for a recovery in gold; therefore, we should only buy at current prices if the price consolidates above $4,254.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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