Gold-could lead to correction
I pondered whether the bulls still possessed the strength to drive the price to the psychological level of 2300, and indeed, they did.
Following a brief intraday dip, precisely to the 2267 support level.
However, at this point, I believe the ascent has become overextended, and a correction appears imminent.
From a technical standpoint, the recent upward movement has formed a rising wedge pattern (though it remains unconfirmed) - potentially bringing the price down once more to the 2250 zone.
Following a brief intraday dip, precisely to the 2267 support level.
However, at this point, I believe the ascent has become overextended, and a correction appears imminent.
From a technical standpoint, the recent upward movement has formed a rising wedge pattern (though it remains unconfirmed) - potentially bringing the price down once more to the 2250 zone.
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