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Early in the American session, gold is trading within the bullish trend channel forming on the H1 chart since early February, above the 21 SMA, and below its all-time high.
During the European session, gold reached a high of 2,939. From that level, the instrument is undergoing a technical correction. Gold will likely make a technical rebound if it consolidates around 2,928 (21 SMA).
In case the bullish trend continues, we could expect it to surpass a high of 2,942 and even reach 6/8 Murray located at 2,968.
If gold breaks the strong resistance of 6/8 and continues its rise, in this case, the price is likely to reach $2,975 (R_3). Once it is surpassed, the price could reach the psychological level of $3,000.
The eagle indicator is showing a positive signal on the H1 chart. So, we expect the metal to continue rising in the coming days.
A technical correction could affect gold if the price breaks below 2,925 (21 SMA). Afterwards, it could approach the bottom of the uptrend channel around 2,892.
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