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Early in the European session, Gold is trading around 1,926 below the 21 SMA (1,934) and below the 7/8 Murray (1,937.50). The daily pivot point is located at 1,932 which could be a sign that if XAU/USD trades below this level, we could expect it to continue falling in the coming days.
Gold's strength weakened after peaking at 1,949 and the price is now falling below 1,934 (21 SMA). Gold is under bearish pressure due to the recovery of the dollar supported by US data. Gross Domestic Product for the fourth quarter increased by 2.9%, above the consensus estimate of 2.8%.
According to the 4-hour chart, we can see that the last Japanese candlesticks are showing signs of a technical correction and it is likely that gold will continue to fall in the coming days until it reaches the 200 EMA located at 1,862.
We can also see that the uptrend channel formed since December 12 was broken, which could be a sign of a strong technical correction in the coming days and the instrument could fall towards 1,900 and 1,862.
If gold trades below 1,934 in the next few days, we can expect it to continue falling and the price could reach the psychological level of 1,900 and could even reach 6/8 Murray at 1,875.
Our trading plan for the next few hours is to sell gold below 1,934 with targets at 1,920, 1,901, and 1,875. The eagle indicator is giving a negative signal and is approaching oversold levels. The key will be to wait for gold to reach the area of 1,875 which will be good support to resume the bullish cycle.
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