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Early in the American session, gold is trading around 2,677 reaching a strong resistance zone. It is likely that if gold fails to consolidate above this zone, we could see a strong technical correction.
Technically, according to the daily chart, we see that gold is in a strong bullish trend but reaching overbought levels. So, we believe that a technical correction could occur in the next few days towards the 21SMA located at 2,629.
If gold falls below 2,656, the bearish force could persist and the metal could reach the bottom of the bullish trend channel around 2,620.
A sharp break of the bullish trend channel and a daily consolidation below 3/8 Murray could mean a change in trend. Therefore, gold could fall with the target of 2/8 Murray around 2,578. The instrument could even cover the gap left at 2,562 and reach the low for the month of November around 2,528.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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