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Gold is trading around $4,186, showing a strong upward trend after reaching $3,959 on Tuesday. XAU has posted a gain of more than $130, suggesting that the price could continue its rise in the coming days, reaching $4,375 around the 6/8 Murray level.
However, gold has currently encountered strong resistance near the upper band of the downtrend channel formed since early May. Technically, if the price of gold consolidates below $4,190—where this resistance lies—it will be seen as an opportunity to sell, with a target at the 21 SMA around $4,048.
Conversely, if gold reaches the 200 EMA around $4,269 and bullish momentum prevails, we could expect a technical correction to occur in this zone, as the 200 EMA also acts as dynamic resistance; we could then anticipate a correction toward the 5/8 Murray level around $4,062.
Our trading plan for the next few hours is to sell gold below $4,190 or $4,269. We should wait for a decisive break above the downtrend channel so that gold can reach the next resistance level, allowing us to open short positions.
A bullish scenario could be for the price to make a technical correction toward the $4,100 area or even toward $4,062, where the 5/8 Murray line is located; above this area, a technical bounce would be seen as a signal to open long positions.
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