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Early in the American session, Gold (XAU/USD) is trading around 2,676, making a technical correction after having reached a new high of around 2,688.85. This level coincides with the daily R1. From that area, we observe a technical correction. So, the metal is likely to continue its fall in the next few hours until reaching the 200 EMA around 2,652.
Gold left a gap at 2,681 after the release of the US economic data. Therefore, we believe that the instrument could rise again and reach its maximum or even surpass it.
If gold consolidates below 2,678 in the next few hours, we could expect a technical correction which could be used as a signal to sell with targets at 2,660, at 2/8 Murray around 2,656 and finally, at the 200 EMA around 2,652.
On the other hand, if the bullish force prevails, gold could try to break the high of 2,688 and could reach the psychological level of 2,700, but technically we see that the price is showing signs of exhaustion.
We must pay attention to these price levels because below 2,690 a strong technical correction could occur. The confirmation to sell gold is to wait for the price to consolidate below 2,676 (21 SMA).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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