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Gold is trading around 4,127 and may be forming a bullish channel, although it could struggle to break above $4,151. Therefore, we should closely monitor this area, as a move below this level could lead to a continued decline toward the Murray 2/8 level, around $4,062.
A consolidation above $4,151 in the coming hours could support a recovery in gold. We could expect it to reach the Murray 3/8 level, around $4,218, and eventually reach the 200 EMA, around $4,249.
Conversely, if gold continues to fall, we could sell on a pullback toward $4,151; below this zone, targets would be at about $4,062.
The Eagle indicator is reaching overbought levels and showing a negative signal, so we must be cautious, as downward pressure on gold could intensify in the coming days, and we could expect it to reach the psychological level of $4,000.
Gold and crude oil have an inverse correlation; since crude oil is showing a positive signal, we can expect strong downward pressure on gold in the coming days.
Therefore, as long as the metal trades below the 3/8 Murray level, this would be considered an opportunity to open short positions.
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