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Early in the American session, the XAU/USD is trading around 2,642 which matches the 21 SMA and below the 200 EMA with bullish potential.
On the H4 chart, we can see a symmetrical triangle pattern in progress which could mean that there could be a continuation of the bullish movement in the next few days.
Gold left a gap at around 2,656. It is likely that if it consolidates above 2,650, we could expect the instrument to cover this gap. So, we could even expect a further upward move until reaching 5/8 Murray at 2,695.
On the other hand, if gold returns below the 200 EMA (2,652), the outlook could remain negative. We could then expect a sharp decline with the target at 2,617. The metal could even reach 2/8 Murray at 2,578.
The Eagle indicator is showing a negative signal. So, as long as the gold price remains below 2,665, the medium-term outlook will be bearish.
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