The gold market has broken out of its consolidation zone and is currently moving sideways, following an impulsive leg that suggests a correction may be possible. Given the significant takeoff we've seen, I expect the market to pull back to the range zone, as the price has broken out of this zone below, it's likely to retest the broken level before making a move upwards. If the market does retest the support area between 2335 and 2340 and rejects it, we can look for buying confirmation and consider taking a long position. My goal is the resistance zone around 2377.
📊QUICK FUNDAMENTAL LOOK
Gold prices drifted higher on Thursday, after softer-than-expected U.S. economic data added to hopes that the Federal Reserve could cut interest rates in September.
⚠️Warning: Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration.