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Gold is trading around $4,093, rebounding after reaching the 0/8 Murray line. Although the price did not touch this line, since the indicator is around $4,062, the price hit a low of $4,066—which serves as a support level—and since then, we've seen a technical rebound, leading us to believe that gold could continue rising until it reaches the 1/8 Murray level around $4,140 in the coming hours.
Given that gold is technically oversold, we could look for buying opportunities if the price consolidates above the 0/8 Murray level. Any pullback could be considered a signal to continue buying in the coming days.
This pullback could be a clear signal to buy, since gold has technically found strong support. In the past, the $4,062 area has acted as a strong psychological barrier for gold.
So, as long as the price remains above this area, we'll have a good buy signal, expecting it to reach the $4,275 zone—where the 200 EMA is located—in the coming days.
Given that gold is in a critical zone and within the downtrend channel, we could expect it to consolidate above the 0/8 Murray level, and we could cautiously buy with targets at $4,140; if the price breaks above the 21 SMA and consolidates above this zone, it could be seen as a positive signal to continue buying with targets at $4,218. Finally, we could expect it to fill the gap left on September 23 around the 3/8 Murray level, located at $4,296.
Our trading plan for the next few hours is to buy gold. The Eagle indicator is reaching oversold levels; although it was previously giving a positive signal, we believe the bullish cycle could resume.
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