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Gold Price Forecast: Faces Critical Support Zone Amid Ongoing Selling Pressure
video Gold has been holding a support zone for the past couple days that was hit on Friday with a low of 2,287. That price area is marked by both the 50% retracement and support of a top trend channel line. Although a higher bounce to test resistance around the 50-Day MA at 2,344 may occur, gold broke through that key moving average line and kept falling last week. This indicates selling pressure that may not yet have been fully relieved. Nonetheless, last week’s low could still turn into a bottom, unless gold drops below 2,287. chart A rally into resistance will occur within a developing downtrend. Therefore, ... (full story)
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- Posted: Jun 11, 2024 4:59pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 370
