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Early in the European session, Gold (XAU/USD) was trading around 2,563 below 2/8 Murray and within the downtrend channel forming since October 29.
On the H4 chart, we can see that during yesterday's American session, gold reached the area of 3/8 Murray and the 21 SMA, which acted as strong resistance in light of the US inflation data.
In the next few hours, we believe that gold could have a recovery, as technically we observe an oversold signal.
We believe that a technical bounce is likely to occur around the S_1 support located at 2,653 or around the bottom of the downtrend channel located at 2,550. Above this area, we will have an opportunity to buy.
Additionally, if gold consolidates above 2/8 of Murray located at 2,578, it will be seen as a positive signal and we can buy with targets at 2,619 and 2,621.
If gold continues its bearish cycle, the immediate support is located around 2,539 (1/8 Murray). The eagle indicator is reaching an extreme oversold zone. So, we believe that there could be a technical reboundin the next few days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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