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XAU/USD is trading around 2,345 with a bullish but showing signs of exhaustion. During the European session, gold reached the top of the uptrend channel at about 2,352.
In the H4 chart, we can see that since April 8, gold has been trading within a main bearish trend channel. Since April 22 after reaching the low of 2,292, gold formed another secondary bullish channel. The metal is likely to continue rising in the coming days.
Given that gold has reached the top of the secondary uptrend channel, we believe that a technical correction could occur in the coming hours towards the 21 SMA located at 2,325 or even the bottom of the uptrend channel around 2,320.
If this scenario occurs and if gold makes a correction and bounces around 2,325 to 2,320 it could be seen as an opportunity to resume buying with targets at 6/8 Murray and at 2,392 level where it left a GAP.
On the contrary, if bullish strength prevails and gold breaks and consolidates above 2,350, it could reach the resistance of 6/8 of Murray located at 2,375. If the XAU finds a rejection in this area, it will be seen as an opportunity to sell with the target at 2,325. In the meantime, we can sell below 2,352.
The eagle indicator is giving a bullish signal. So, with any pullback while it trades above 5/8 Murray, we can take advantage of the buying opportunity in the coming days.
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