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Early in the American session, Gold is trading around 2,365 within an uptrend channel formed since June 26 and above the 21 SMA and 200 EMA with a bullish bias
In the next few hours, the NonFarm Payrolls data will be published and we expect that gold can reach 2,375 and even the top of the bullish trend channel around 2,380 since the dollar has weakened in the last few days.
Gold is likely to make a strong technical correction in the coming hours as it approaches the overbought zone. So, any pullback above 2,348 (21 SMA) or around this zone will be seen as an opportunity to buy, with targets at 2,360 and 2,375.
On the other hand, if gold reaches 2,375 where 4/8 Murray is located or in case it reaches 2,380, it will be seen as an opportunity to sell since this level represents strong resistance and a technical correction could occur.
In the next few hours, we expect gold to trade within the uptrend channel and we will look for opportunities to buy and sell. In the short term, if gold consolidates above 2,375, it could reach 5/8 of Murray located at 2,406 next week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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