GOLD - CORRECTION
Gold lingers near record highs, Powell’s speech eyed for rate cues
Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day.
Generally, the direction is uptrend
Uptrend Side: The price has reached our target of 2,670 but is still trading below it. Currently, it appears poised for a short correction. To continue the uptrend, it needs to break above 2,670, after which it is expected to reach 2,700, which is a new high level.
Downtrend Side: The price requires a significant correction below 2650, followed by a move toward the 2625 support level. A confirmed break below this level should be indicated by the closing of a 4-hour candle to validate and initiate the downward trend.
Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day.
Generally, the direction is uptrend
Uptrend Side: The price has reached our target of 2,670 but is still trading below it. Currently, it appears poised for a short correction. To continue the uptrend, it needs to break above 2,670, after which it is expected to reach 2,700, which is a new high level.
Downtrend Side: The price requires a significant correction below 2650, followed by a move toward the 2625 support level. A confirmed break below this level should be indicated by the closing of a 4-hour candle to validate and initiate the downward trend.
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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