Gold (XAUUSD) Recovery and Key Resistance Ahead
Updated
Gold (XAUUSD) has shown signs of recovery, currently trading around $2,658, after successfully testing the EMA levels and rebounding from the lower boundary of the ascending wedge pattern.
Recent price action on the 1D timeframe highlights a potential triple-top pattern near the $2,720 resistance zone, which has repeatedly rejected bullish momentum. However, the formation of higher lows along the ascending wedge suggests that bullish sentiment remains intact in the medium term.
If the price continues to climb and breaks above $2,720, it could trigger a rally toward the next significant target near $2,780.
Recent price action on the 1D timeframe highlights a potential triple-top pattern near the $2,720 resistance zone, which has repeatedly rejected bullish momentum. However, the formation of higher lows along the ascending wedge suggests that bullish sentiment remains intact in the medium term.
If the price continues to climb and breaks above $2,720, it could trigger a rally toward the next significant target near $2,780.
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