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Early in the American session, gold is trading around 1,975.43. It is trading below the 21 SMA and below the psychological level of 2,000. A few hours ago, gold printed the low of 1,968.75. This level coincides with the 7/8 Murray line which represents a technical reversal.
On April 3, gold left a gap around 1,975.90 that was covered. It is likely that there will be a technical rebound in the next few hours and it could reach the psychological level of $2,000 up to the 21 SMA located at 2,003.
The $1,968 zone represents strong technical support. In case gold breaks this level, it could face the 200 EMA located at 1,959. This level could serve as a strong bottom and could give gold a technical bounce until the instrument reaches the zone of 2,031.
For a reversal in trend, we would expect a drop below 1,950. Then, we would expect the price to approach 6/8 Murray at 1,937.50. Finally, it could drop to the psychological level of 1,900.
The Eagle indicator has reached the extremely oversold zone and a technical bounce is imminent in the next few hours. As the market will try to correct the decline, the price could reach the 8/8 Murray level and finally could cover the GAP left on April 14, at 2,023.
Our trading plan for the next few hours is to buy at current price levels around 1,975.43, with targets at 1,990 and 2,003. The Eagle indicator is in the oversold zone which supports our bullish strategy.
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