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XAU/USD is trading around 2,067.64 21, above the 21 SMA, and above 5/8 Murray. We can see on the H4 chart that gold is trading within an uptrend and is likely to remain above 2,062 so that it could reach the top of the uptrend channel around 2,076.
On the other hand, if gold falls below 2,060, we could see a technical correction towards the bottom of the uptrend channel around 2,050. We could take this opportunity to resume buying in case a technical rebound occurs.
With a break below the uptrend channel and a consolidation below 2,045, we could expect gold to continue its technical correction and it could decline to the 200 EMA located at 2,013. Another bearish target is the psychological level of $2,000.
In these days of year-end holidays, gold could be trading with low participation of traders. As a result, we don't rule out unexpected movements amid low liquidity which could cause movements for seemingly no reason. So, we must be very careful in case we negotiate outside the hours when there is greater volume.
We expect that from next week the market will resume its usual movement although a regular volume and liquidity increase could be from January 15th. Therefore, we would expect sideways trading in the next few days.
The market sentiment report shows that there are 59.88% of traders who are buying gold. According to our contrarian strategy, we expect gold to make a strong technical correction in the coming days and could return to the psychological level of $2,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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