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Early in the American session, gold is trading around 2,689, above the 200 EMA, and below the 5/8 Murray with a slight recovery after a strong technical correction.
On the H4 chart, we can see that after reaching the high of 2,710, gold made a technical correction to the 200 EMA area and since then we have seen a technical rebound.
If gold consolidates above 2,684 in the next few hours, the outlook will remain positive and we could expect the metal to reach 2,795 or even 2,701.
We should pay attention to the 200 EMA area around 2,684. This level could be seen as an opportunity to keep on buying. Above it, gold could continue its bullish bias and even reach the 6/8 Murray level around 2,734 next week.
On the contrary, if the price consolidates below 2,680 on the H4 chart, the outlook could be negative. Therefore, we could expect gold to reach 4/8 Murray at 2,656 again and even reach the low of 2,642.
The eagle indicator is showing a positive signal, so we will look for opportunities to buy above 2,684.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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