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Early in the American session, Gold is trading around 2,033.13, bouncing above 2/8 Murray but showing signs of exhaustion. During the European session, gold has been consolidating. On the H4 chart above 2,031, we now see a decline in bullish strength.
In case gold falls below the 2/8 Murray level at 2,031, we could expect it to find support around 2,028 (21 SMA) and 2,024 (200 EMA). Both levels could be a point for a technical rebound. If this scenario occurs, we should expect gold to make a sharp break below the uptrend channel. Then, a bearish acceleration could occur and the price could reach the psychological level of $2,000 and even -1/8 Murray located at 1,984.
On the other hand, if gold rebounds above 2,024, the bullish cycle could resume and could return to the levels of 2,031 and finally, to 2,046.
The eagle indicator reached the extremely overbought zone which is a clear signal that a technical correction could occur in the coming days only if gold falls below 2,023.
Our trading plan for the next few hours is to sell below 2,031. If gold trades below this level, our profit-taking will be at 2,024, 2,015, and at $2,000. Above 2,031, we should avoid selling.
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