The market's upward momentum appears to be losing steam, as the recent upward move has been relatively weak. As you can see, the XAUUSD has bounced off the upward trendline after forming an equal high, indicating a potential pause or even reversal. I think it's possible that the market will create a complex pullback towards the lower border of the channel. If the bulls take liquidity below the 2450 key level, they may then push up towards the strong resistance at 2500. Another possible scenario is that the market forms a triangle pattern. Overall I expect a fake breakout of the previous day's low, followed by a steady upward move if the upcoming news release does not change the market direction in the short-term. My target is resistance at 2492
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Gold prices firmed on Thursday, hovering near a record peak hit in the previous session as traders ramped up bets of a start to interest-rate cut cycle by the U.S. Federal Reserve, constraining gains in the dollar and Treasury yields.
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