Gold Outlook: How Strong Is The Current BULLISH Pressure???

Lets look into gold current movement. We saw a sudden spike in gold price after hitting a recent low of around 1765 price level. After which, we saw a strong BULLISH movement to the current price we are at. Looking at the 2 fib level I have identified, we can see that 261.8% lies around 1975-1985 price level. Also, there is a strong resistance level @1982 price level. This resistance level has been a strong resistance level for gold where I expect some BEARISH pressure to build up at this area. I have identified the supply zone (red area) where I believe BEARISH retracement will take place.

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