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Gold is trading around $4,325, following consolidation over the last few hours above the 21 SMA. The bullish momentum is being exhausted.
According to the H4 chart, we can see that gold has been testing the downtrend channel, which means there is likely to be a technical rebound in the coming hours if the price consolidates above $4,320 (21 SMA).
With the price being above the 21 SMA, there is an opportunity to open long positions, which could push the instrument towards $4,342. Gold could even return to its high reached around the 8/8 Murray located at $4,375.
A decisive break and consolidation below $4,320 could be the start of a new bearish sequence. We could expect gold to reach 1/8 Murray around $4,218 in the coming days. The price could finally reach the 200 EMA around $4,182.
The Eagle indicator is showing a negative signal, so the odds are that gold will decisively break the downtrend channel. However, we must wait for confirmation before making a decision to sell.
Our outlook remains bullish as long as the price remains above $4,321. So, our trading plan could be to buy, anticipating the price to reach $4,375 in the coming hours.
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