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Gold is trading around $4,461, having rebounded sharply after hitting $4,097 during the European session. This strong recovery could push gold toward the upper band of the downtrend channel, which has been forming since March 18 in the range of $4,500 to $4,541.
Given that gold has recovered rapidly, we expect the downtrend to resume, so we will look for opportunities to sell whenever XAU/USD reaches $4,540 or falls below the daily R_1 level around $4,520.
Given that gold is struggling to continue rising, the area of $4,541, the 21 SMA, and the 7/8 Murray line could act as a strong barrier for gold; a move below this zone could be seen as a selling opportunity.
If, in the coming hours, gold pulls back toward the 6/8 Murray level at $4,375 and consolidates above this zone, it could be seen as a buy signal with targets at $4,541 and $4,628.
Our trading plan is to buy gold in the coming hours, but we should wait for a technical correction toward $4,375 or sell if the price reaches levels above $4,500 and toward $4,541.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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