Updated for XAUUSD Period: Hourly --> Short Term Period
Gold continues to strive to stay above today's pivot value and the Fibonacci 1.217 level. Daily Pivot Value --> 2403.5
An Descending Wedge pattern is emerging.
Some of the gains have been retraced due to the influence of the Asian markets. I believe the direction will become clearer with the opening of the American markets.
The descending line shown in blue should be monitored closely as it will be crucial for further upward movement.
As long as it stays above this level, it will make attempts to break the blue descending trend line. Despite these attempts, the blue line has not yet been breached.
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