GOLD has broken out of its upward channel and pulled back to retest it. Prior to that, the market was range-bound, before breaking through the support levels and gaining a strong bearish momentum. The price has been repeatedly rejected from the resistance zone around 2330-2335, resulting in fake-outs and long-tailed bars. Given this price action, I expect the market to retest the support level from the channel border and downward trendline, as the formation of a double top and bearish divergence is a bearish sign. My goal is to support level at 2310
📊QUICK FUNDAMENTAL LOOK
Gold prices were little changed on Friday but were poised for a third straight quarterly rise, while investors waited for U.S. inflation data for fresh clues on the Federal Reserve's interest rate stance.
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