Some days ago price declined to the trend line, thereby breaking the support level, which coincided with the support zone, but when GOLD reached this line, it at once rebounded up. Then Gold made an upward strong impulse up to the resistance zone, thereby breaking 1975 and 2075 levels, but soon declined below the 2075 level, breaking it again. Next, the price continued to decline to the trend line, which coincided with the support level, after this price rebounded and in a short time rose back to the resistance zone again. Soon, Gold rebounded from this zone and declined below the 2075 level to the trend line, but at the moment it has not reached this line. Now price continues to decline inside a wedge, and in my opinion, Gold will reach the trend line and then make an impulse up to the 2075 resistance level. That's why this level is my target.
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Gold prices edged up on Wednesday, supported by a slightly weaker U.S. dollar ahead of a critical inflation report that could offer some clues on whether the Federal Reserve will begin cutting interest rates this year.
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