Gold is Testing Key Support
Gold is Testing Key Support
Gold turned aggressively lower, finally starting a correction after a long period of appreciation.
It is now testing the 1st important area of support, the confluence of the 78.6% Fib of the last move higher, the 50DMA and most importantly the ascending channel’s T/L support at $2642. A break below this area is needed to open more D/S with $2602 being the next target but until that happens the R/R favors longs against this level.
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20241107
