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Early in the American session, gold was trading at 3,029.38, above the +1/8 Murray level, reaching overbought levels and above the psychological level of $3,000.
Market fears are driving the price of the precious metal. We believe that once these events occur, gold will suffer a strong technical correction.
Technically, gold is overbought. However, it could continue to rise in the coming days, reaching the +2/8 Murray level at 3,046.88.
The H4 chart shows gold facing strong weekly resistance around 3,037, which could serve as a barrier as it is technically showing overbought signs.
Gold could suffer a strong technical correction below +2/8 Murray due to the extreme overbought levels observed. Hence, the metal could reach the support level of 3,007 and even reach the 21-SMA around 2,989.
Since gold is a safe haven asset in the face of risk aversion, investors are trying to buy this instrument. We believe it could continue to rise in the coming hours. So, we could continue buying above 3,020.
We also expect a strong technical correction, as XAU could fall toward the support level of 2,980 and even reach the Murray 8/8 at 2,968.
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