Gold prices drop but remain on track towards record highs
Updated
Hello gold traders, let’s dive into today’s gold price action!
Currently, gold is in a consolidation phase, stuck below the major resistance level of $2525, with the price range still unbroken.
However, looking at the bigger picture, this precious metal remains in an upward channel, and I’m betting on a bullish breakout, especially with yesterday's news favoring gold.
My long-term target remains bullish, as highlighted on the chart.
What about you? What do you think gold’s next move will be?
Currently, gold is in a consolidation phase, stuck below the major resistance level of $2525, with the price range still unbroken.
However, looking at the bigger picture, this precious metal remains in an upward channel, and I’m betting on a bullish breakout, especially with yesterday's news favoring gold.
My long-term target remains bullish, as highlighted on the chart.
What about you? What do you think gold’s next move will be?
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