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Early in the American session, gold was trading around 2,683.60 below 5/8 Murray and above the 21 SMA. During the last few hours, gold reached the high of 2,695 where 5/8 Murray is located which acted as a strong resistance and now we are seeing a technical correction.
If the metal falls below 2,677, we could expect the bearish cycle to resume and we could expect it to reach 2,656 or even reach the 200 EMA located at 2,650.
On the H4 chart, we see the formation of a double top pattern which could confirm a fall for gold. In this case, we should expect the price to remain below 2,650 and in the short term, gold could reach 2/8 Murray at 2,578.
Technically, gold is overbought and this bullish momentum could favor looking for lower-risk positions and selling gold in the short term until it can reach the psychological level of $2,500.
The bearish key is to expect gold to consolidate below the 21 SMA. Besides, a strong bearish trend could occur if gold falls below 2,650.
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