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Early in the American session, Gold (XAU/USD) is trading around 2,353, above the 200 EMA, and above the 21 SMA under a technical correction after having reached 6/8 Murray at 2.375 which represents strong resistance.
Yesterday during the American session, Gold broke and consolidated above the 200 EMA and we saw a strong bullish movement during which the metal gained almost $40 in a single day.
Now, the correction is likely to continue and gold could find good support around the 23.6% Fibonacci level at 2,350 or in case it falls towards the 21 SMA around 2,343. In both areas, we could pay attention and it will be seen as a good point to buy.
If gold continues its rise in the coming hours, it could remain under strong downward pressure. If gold consolidates below the 38.2% Fibonacci level, it could continue to fall until reaching the key support at 2,340.
If gold reaches the 2,375 resistance zone again, it will be seen as an opportunity to sell since technically, it is showing overbought signals on the H1 chart.
Our trading plan for the next few hours is to buy gold above 2,350 or 2,342 or sell below 2,375. The eagle indicator is giving a positive signal. Therefore, we hope that there is a technical correction so that we can buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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