XAUUSD has made consecutive higher highs on the 4H chart, and the market has tested its previous high, only to pull back and form a fake breakout. This development is cause for some concern, but it's reassuring that we didn't see a bearish long tailed bar, that would indicate a potential liquidity grab and subsequent drop. Instead, the price is likely to revisit this zone again. I think the market may create a trend continuation pattern at the support zone before breaking and closing above it. If the price can break through resistance, it's likely to propel gold to next resistance levels above. However, if it continues lower, we can anticipate the price testing the 2350 support level and possibly the channel border. My goal is resistance zone at 2415.
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Gold slipped on Monday as investors booked profits after soft U.S. jobs data fueled prices to a more than a-month high on rising expectations that the Federal Reserve will begin cutting interest rates in September.
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