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Gold is trading around 2,346.43, retreating after reaching a new high of 2,365.54. This area below 2,375 is considered strong resistance since there is 6/8 Murray, a weekly and monthly resistance.
A strong technical correction is expected to occur in the next few hours as we observe the formation of a Doji candle pattern which could be a sign of a technical reversal.
We also observe that the eagle indicator is showing an overbought signal. Therefore, we could expect there to be a technical correction towards the 21 SMA located at 2,320.
If gold attempts to rise ahd gains bullish momentum as long as it trades below 6/8 Murray, this will be viewed as a signal to sell. Beyond this important area of 2,375, we could expect gold to continue rising. So, the metal could reach the psychological level of 2,400.
Given that the eagle indicator shows overbought signs on the H4 and daily charts, gold is expected to make a strong technical correction in the coming days.
A sharp break below the 5/8 Murray located at 2,312 is expected to push gold down towards the key support of 2,250 and finally, towards the 200 EMA located at 2,186.
Meanwhile, in the next few hours, we can look for opportunities to sell below the high of 2,364 or in case of a pullback towards 2,375. It will be seen as a signal to sell with targets at 2,320 and 2,312.
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