The Gold market has continued to rally, breaking through a strong resistance zone that has since become a support level, resulting in higher highs and higher closes. Yesterday's daily candle was extremely bullish, and any retracement within the daily range presents an opportunity to buy. As the price approaches the 2500 level, we may see a sharp decline around this zone, which warrants caution. I expect the price to pull back to the broken level before resuming its upward trajectory My target is resistance level at 2495.
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Gold traded at a record high early on Wednesday, pushed up by expectations the Federal Reserve will begin cutting interest rates in September, while the dollar fell to a four-month low.
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