- GOLD Technical Analysis (H4) 10/10/2024
- Gold is currently trending within a descending channel and has reached the lower boundary of the wedge at 2606, where a positive buying reaction has emerged. This suggests the potential for a short-term recovery.
- If buying pressure remains strong, the price could rise towards the upper boundary of the channel at 2639. However, if the buying momentum weakens and the price breaks out of the descending channel, a sharp decline could follow.
- Traders should closely monitor price action at the channel boundaries to identify a clear direction.
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