Gold prices have rebounded in a corrective fashion after two weeks of losses and are currently trading within a one-month-old bullish channel, which spans between
1
,970 and
2
,050. Despite a V-shaped recovery from the support level at
1
,970, the price of gold has struggled to surpass the psychological resistance at
2
,000.
Investors are currently preparing for key US data and events that may affect the price of gold. A confident recovery in gold prices was inspired by the release of the Federal Reserve's Beige Book.
From a technical standpoint, the bullish channel in which the price of gold is trading suggests that the upward trend may continue.
Investors are currently preparing for key US data and events that may affect the price of gold. A confident recovery in gold prices was inspired by the release of the Federal Reserve's Beige Book.
From a technical standpoint, the bullish channel in which the price of gold is trading suggests that the upward trend may continue.
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