XAUUSD is heading towards support levels. The price is testing the support and lower border of the upward channel. That's why we may have some pullbacks. However, the price failed to close above the strong resistance. The market formed a big long-tailed bar on the daily timeframe, which is a sign of rejection. I think the market may retest the support zone between 2136–2138. I expect it to continue moving downward, potentially breaking the channel. My goal is the support level of around 2140.
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Metal prices fall, with gold easing back from its near-record high on Thursday. Gold futures fall 0.7% to $2,168.9 a troy ounce. The precious metal had surged on Thursday, reaching as high as $2,225 a troy ounce, and remains up both 6.8% on month and more than 11% on year.
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