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Gold: Precious Metal Is Back-Testing the Broken Channel

10/01/2024

Less than a minute

2024.10.01 07:48

is back testing the broken channel’s T/L resistance as support at $2627. Is such a shallow retracement sufficient for the metal to resume higher? Don’t dismiss the possibility given the very strong and well-established uptrend.

Gold has been producing ATHs again and again hence betting against the trend is not a good idea. In any case if this support area fail look for $2600 next. XAU/USD-Daily Chart