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Early in the American session, gold is trading around 2,676, above the 21, and above 2/8 Murray with a bullish bias.
Yesterday after having reached the high of 2,676, gold made a technical correction towards 4/8 Murray located at 2,656. From this level, the metal made a technical rebound and is now trading at levels above 2,675.
It is expected that XAU/USD could continue its rise in the next few hours until it reaches 5/8 Murray located at 2,695, but we believe that it could be complicated as the instrument is exhausting its bullish energy.
If the bullish force is weak, we could expect gold to resume a technical correction. So, the price could fall towards the 200 EMA located at 2,650 and could even break this level. Hence, we could see a bearish acceleration towards the 3/8 Murray located at 2,617.
On the other hand, we should pay attention to the key level of 2,650, below this area a strong technical correction could occur and the instrument could reach the area of 2,578 and could even drop to 2,562 where it left a gap on November 14th.
Our trading plan for the next few hours is to sell gold below 2,678, with targets at 2,656 and 2,650. The eagle indicator is showing negative signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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