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Gold is trading around $4,357, below the 8/8 Murray and within the upward trend channel formed since December 10. The H4 chart shows consolidation above $4,325.
Technically, gold is under bearish pressure and is likely to continue its negative cycle in the coming days. We expect it to reach the 200 EMA around 4,269 and then finally reach the 7/8 Murray level around $4,218.
If gold consolidates within the uptrend channel in the coming hours and if the price remains above $4,315, the outlook could be positive, and we could expect it to reach $4,375. Finally, it could reach the 21 SMA around $4,434.
Gold has left a double top pattern formation when it reached the $4,550 levels, which gave gold a strong technical correction. Looking at the facts, it is likely that the bearish sequence will continue in the coming days until the instrument reaches the psychological level of $4,000.
The Eagle indicator is approaching oversold levels, but gold could still be at risk of further declines in the coming days, so we should be cautious and could sell in the event of a pullback below the 0/8 Murray or below the 21 SMA.
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