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The daily chart shows that gold has been trading within an uptrend channel since April 24 and has bullish potential. So, it could continue to rise in the coming days and reach 8/8 Murray around the psychological level of 2,500.
7/8 Murray can likely be easily overcome by bullish pressure. If the yellow metal consolidates above 2,437, the outlook could remain positive and gold could reach the top of the uptrend channel around 2,465.
If gold makes a technical correction, we could expect it to reach the bottom of the uptrend channel around 2,382. This level could be a good point to resume buying and the price could reach $2,500 in the short term.
On the contrary, if gold falls below 6/8 Murray and consolidates below this zone, it could be seen as a change in the trend and it could reach 2,312 in the short term, 4/8 Murray at 2,250, and even the 200 EMA located at 2,113.
In the meantime, we will look for opportunities to buy gold as long as it trades within the uptrend channel. With any technical bounce above 6/8 Murray, the outlook will remain positive. If gold trades below 2,435 in the next few hours, it will be considered a technical correction. Hence, we could sell.
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