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Early in the American session, gold is trading around 2,896 and above 5/8 Murray bouncing after having reached the low around 2,880 which coincides with the 21 SMA.
During the European session, gold reached a new high around 2,942. Since then, we have observed a strong technical correction of almost $50 from its high.
This correction of gold represents a profit-taking by the bulls and the bullish trend will likely resume provided that gold consolidates above the psychological level of $2,900.
On the other hand, if gold reaches the resistance of 2,932 in the next few hours, it could be seen as an opportunity to resume sell positions, since technically, we see an exhaustion of the bullish force. Therefore, gold could decline to levels of $2,700 in the medium term.
The Eagle indicator reached extremely overbought levels. So, we believe that below $2,940, any technical bounce will be seen as an opportunity to sell with a target at 4/8 Murray located at 2,812.
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