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GOLD (XAUUSD): Classic Breakout Trade

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Gold broke through and closed below an important intraday horizontal support level.

Following the breakout, the price retested the broken structure and began consolidating within a range.

A bearish breakout from this range is a significant intraday bearish signal.

The deep retest of the range increases the likelihood that the breakout is legitimate.
It is anticipated that the price will decline to at least 2850.

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