GOLD is currently trading within the previous daily range and is testing the channel border. The formation of a daily doji candle suggests a sideways move. If the it breaks out of the downward channel, it could signal a continuation of a bullish trend. However, there remains a possibility that the price may drop to a lower level around 2350. The market seems to be forming a reverse head and shoulders pattern, indicating a potential reversal. I expect the price to create a small range zone just below the channel border before breakout. I expect the price to test the support level, and if it bounces back, we can consider it as a buy confirmation. My target on the 1H is the resistance zone at 2418
📊QUICK FUNDAMENTAL LOOK
Gold prices are expected to find support from long-awaited interest-rate cuts in the U.S. and renewed appetite from Western investors for the remainder of the year, after central-bank buying and over-the-counter purchases propelled demand to record levels in the second quarter.
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