Gold Technical Analysis: Is a New Price High Ahead?
Gold experienced an uptrend last week, aligning with the bullish scenario mentioned in our previous post. This strong rally and the formation of a robust weekly candlestick suggest the potential for breaking the previous high and reaching the initial target of $2,850.
On the daily timeframe, a price correction near the previous high is possible. If this occurs, buyers may re-enter around $2,720, allowing the upward trend to continue.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.