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Gold, ASX 200 Analysis: Asian Open - 20th June 2023
Last week’s failed attempt to break beneath 1932 saw high levels of volume around the lows, which triggered a strong rally towards the 1970 highs. Prices have since pulled back on declining volume, which could be part of a falling wedge (bullish reversal pattern). We’re now looking for a move higher to at least test the 1958/60 resistance zone, a break above which brings the highs around 1965 into focus. The potential pattern is not the ball-all, end all. Because if prices continue to drift lower, we’d reconsider bullish setups around 1947/50 or the 1940/41.44 zone where strong bullish volume formed in the ... (full story)