Gold rebounded sharply after several days of trending down when it hit the long term bull run support (bottom line on chart).
Next stop major resistance around 3,260 which is fast approaching.
We expect high probability rejection down from this level due to the move into higher risk assets with a calming of the macro economic environment…but as always, with Gold anything can happen!
Look for confirmation then this top trend line forms a solid resistance with the long term bull trend line providing support. Current bull run pattern running out of space to run.
Good luck everyone!
Next stop major resistance around 3,260 which is fast approaching.
We expect high probability rejection down from this level due to the move into higher risk assets with a calming of the macro economic environment…but as always, with Gold anything can happen!
Look for confirmation then this top trend line forms a solid resistance with the long term bull trend line providing support. Current bull run pattern running out of space to run.
Good luck everyone!
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