📊TECHNICAL ANALYSIS ON 1-HOURS TIMEFRAME
After the price bounced from the trend line, it tried to rise, but failed and started to decline, and firstly Gold declined to the 1875 resistance level, which is located inside the resistance zone. Also, the price broke the trend line and in a short time, Gold broke the 1875 level too, and even made a retest, after which it rebounded down to the 1820 support level, which coincided with the support zone. Gold some time traded near this level and later rebounded from the support zone and made a strong impulse up to the resistance zone, thereby breaking the trend line again. At the moment, Gold continues to trades very close to this zone and I expect that the price can reach a resistance level and try to break it. After the breakout, Gold can make a retest, or at once continue to move up, without a retest. That's why I set up my target at the 1900 level.
📊QUICK FUNDAMENTAL LOOK
Gold prices rose to a near two-week high on Wednesday, as U.S. Treasury yields extended their retreat after dovish comments from Federal Reserve officials indicated that interest rates may have peaked.
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