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Gold is trading around $4,317 after a strong rebound from its low of $4,218, which coincided with the gap left by last week's closing price and this week's opening price.
This sharp decline in gold was due to the Fed's policy decision reflecting a hawkish outlook, which put downward pressure on gold, causing it to fall from its daily high of $4,381 to $4,218.
Gold is expected to resume its downtrend in the coming hours, but we should exercise caution, as it could still continue rising to reach $4,350—where the daily R1 is located—and this zone could present an opportunity to open short positions.
On the other hand, if we monitor the price of gold and it consolidates below $4,320—where the 21 SMA is located—this could be seen as an opportunity to open short positions with targets at $4,300, $4,257, and $4,220.
A pullback toward the $4,375 area could signal a new bullish scenario. So, if the price continues to rise, it is more likely to reach the 200 EMA around $4,449.
Technically, on the H4 chart, we observe the formation of a triple-top pattern, which suggests that gold could reach the 5/8 Murray levels around the psychological level of $4,000 in the short term.
For this bearish pattern to maintain a strong signal, XAU/USD should settle below $4,375.
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