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Early in the American session, gold was trading around 2,640, above the 21 SMA, and within the bullish trend channel forming since December 27 with a bullish bias.
Since gold is located above the 21 SMA and is now breaking the 200 EMA, the bullish force will likely prevail and the metal could reach 4/8 of Murray at 2,656 in the next hours.
On the other hand, a strong rejection of the resistance at 2,656 could mean a technical correction for gold. Hence, we could sell below this area, with targets at 2,617 and even 2,578 at 2/8 Murray.
If XAU/USD consolidates above 2,656 (4/8 Murray) in the next few days, it will be seen as an opportunity to buy because a solid uptrend could be established and the instrument could reach the psychological level of $2,700 in the short term and even 6/8 Murray located at 2,734.
The Eagle indicator is showing overbought signals. So, we believe that once the instrument settles below 2,656, this will be seen as an opportunity to sell. In case gold turns back below the 200 EMA around 2,641, we could sell with targets at 2,617 and 2,590.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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