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Gold is trading around 2,651, below 2/8 Murray, and below the 21 SMA. This area represents a strong resistance. If the metal fails to consolidate above 2,656, the outlook could be negative, so we could expect the bearish cycle to resume and gold could reach the support of the main uptrend channel around 2,604.
Gold has another support around 2,630. During the European session, we saw that the price made a strong technical rebound reaching 2,651 from this level. Thus, we believe that gold could resume the bearish cycle in the next few hours. It could be seen as a signal to sell below 21 SMA (2,650).
Our outlook will remain negative for the coming days as gold awaits fundamental data from China and US data to be released tomorrow. Gold could resume its bearish cycle and reach the 200 EMA located around 2,583.
A consolidation above 2,659 on the H4 chart could open the door for a new bullish move and gold could reach 3/8 Murray around 2,734.
Technically, gold is reaching the oversold zone. Therefore, we reckon that if it reaches the support of the main bullish trend channel around 2,604, it will be seen as an opportunity to buy, with targets at 2,656 and 2,734.
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