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Gold is trading around 2,520 above the 21 SMA and within the bullish trend channel formed since August 7th. Consolidation is observed.
Yesterday during the American session, gold tried to break the strong resistance of 2,528 and after failing, it made a technical correction. During the American session, gold was trying to break 2,528. If the price consolidates above the 2,510 area, a strong bullish movement could occur, and gold could reach 2,539 and finally 2,578.
In the H4 chart, we see that since August 18, gold has been consolidating around the area of $2,500 to 2,528. If it exceeds the historical high, we could expect it to reach the extreme resistance level around 2,578.
On the other hand, if gold breaks the existing trend channel and consolidates below the 21 SMA and below the psychological level of $2,500, we could expect a strong technical correction and gold could reach 2,460 and finally the 200 EMA located at 2,455.
According to the H4 chart, gold is oversold and a technical rebound is expected in the coming days, around 2,500 or 2,455 and then it could resume its bullish cycle.
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