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Early in the American session, Gold is trading around 2,038.26, above the 200 EMA, and above the 21 SMA. We can see that gold is trading within a bullish trend channel forming since January 22. The instrument is likely to continue rising in the coming hours if it consolidates above 2,038. If this scenario occurs, XAU/USD could reach the top of the bullish trend channel around 2,055 and even 6/8 at 2,062.
After gold produced a strong overbought signal yesterday, we observed that there was a strong technical correction when it reached 2,045. The 21 SMA offered strong support and since then, the eagle indicator has been giving a positive signal. So, the price is likely to continue rising and reach 2,045. Later on, the metal could even reach the strong weekly resistance of 2,050.
Given that the daily pivot point is located at 2,037, this area used to serve as a strong resistance and now acts as a strong bottom. In case gold falls below this area, we could expect it to resume its bearish cycle and it could close the GAP it left earlier this week around 2,018. The instrument could even fall towards 4/8 Murray located around the psychological level of $2,000.
We hope that in the next few hours, gold is going to trade higher, but given that it is showing signs of exhaustion, an unexpected strong technical correction could occur. Therefore, we must be very careful. Another option could be to sell at the daily and weekly resistance levels.
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