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Gold is trading around $4,533, undergoing a technical correction after reaching a high of $4,570, which coincided with the upper band of the downtrend channel formed since May 10.
According to the H4 chart, gold is expected to fall below the 21 SMA at 4,530. If that happens, we could see a drop toward $4,470 or even a retest of the May 19 low around $4,435.
The outlook remains positive for gold as the Eagle indicator is showing a positive signal. Therefore, we could buy with targets at $4,570 in the coming hours. Moreover, a decisive break above the downtrend channel could accelerate gold's upward movement, potentially reaching $4,669 near the 200 EMA in the coming days.
We should pay attention to the 21 SMA, a key support level where we could look for opportunities to open long positions. Our outlook will hold only if the instrument consolidates above this zone.
A drop below the $4,500 level could resume gold's bearish cycle, potentially reaching the lower band of the downtrend channel around $4,412 and possibly even hitting the 6/8 Murray level around $4,375.
Our trading plan for the coming hours is to buy gold above $4,530, with targets at $4,574 and $4,670.
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