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Gold is trading around $5,377 with a positive bias after covering the gap left on Friday, February 27. The metal could now continue its rise in the coming hours until it reaches the top of the downtrend channel around $5,450.
Fundamental data is generating considerable fear in the markets, so gold is expected to continue rising in the coming days and could even reach the +2/8 Murray around $5,625.
If gold encounters strong resistance around the upper band of the uptrend channel located at $5,445, it could be seen as a signal to sell around this area with targets at $5,262, where the 21 SMA is located.
A sharp break below the 21 SMA and a break below the uptrend channel and consolidation below $5,250 could push it quickly down to the psychological level of $5,000, which in turn coincides with the 200 EMA and the 8/8 Murray, representing strong support for the asset.
The Eagle indicator has reached overbought levels, so gold will likely undergo a series of technical corrections below its weekly high 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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