Some days ago price traded near the support 1975 level, which coincided with the support zone, and a few moments ago it bounced and tried to rise, but failed and in a short time declined below this level, breaking it, to the trend line. After this, XAU at once rebounded and made a strong impulse up to the resistance zone, breaking 1975 and 2080 levels, but soon it turned around and made a correction to the support level, breaking the resistance level again. Also, Gold started to trades in a wedge, where later price rebounded from the support level and made upward impulse to the resistance zone one more time, and soon fell back. Gold declined to the trend line and a not long time ago bounced up from it, but not so high, for this reason, Gold continues to trades near this line to this day. For my mind, the price will make a correction to the trend line again and then rebound up. That's why I set my target at the 2050 level.
📊QUICK FUNDAMENTAL LOOK
Gold futures rose early on Thursday as treasury yields were mixed while the dollar rose as another economic report showed the US economy continues to run hot. Gold for February delivery was last seen up US$6.80 to US$2,013.30 per ounce. The US Labor Department on Thursday said initial jobless claims fell to 187,000 last week, the lowest since September, 2022, down from 202,000 a week earlier and under the consensus expectation for 208,000 claims, according to Marketwatch.
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