Gold has been correcting since it fell from 3,500. Price action may try to retrace back towards the top, because it is trying to transition from this bearish into a bullish move, by finding support at 3,264 (near the previous all-time high). As long as the price action is above 3,264 and it manages to break past 3,350, the yellow metal may try to reach the all-time high again. However, if price action declines past the 3,264 support, the bearish trajectory will likely continue towards 3,200 or 3,165 in search of a stronger bullish support.
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