Gold retraced from the upper wedge resistance and found support on the previous swing high (cca. $1.226) and the 61.8% Fib retracement of the previous initial move. The overall uptrend seems well in-tact, especially considering the break above the weekly trendline and the consecutive pullback. Gold could continue its uptrend at current prices.
Today's dollar weakness added to gains in the yellow metal.
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Comment
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Gold reached the lower wedge support and the 61.8% Fib - great time to enter into a long with a good R/R ratio.