Gold Eyes Breakout Amid Rising Channel
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Gold is currently trading at $2,638.76, holding steady with a modest gain of +0.04%. The price is testing a critical resistance zone around $2,645–$2,650, which has repeatedly capped upward moves.
The market remains within a rising channel, supported by an ascending trendline. However, a break below this channel could send Gold toward the key support level at $2,582, signaling a deeper correction.
Traders are eyeing two scenarios: a bullish breakout above $2,650, which could push prices higher, or a bearish breakdown below the channel, leading to lower levels. The next move will likely determine Gold's short-term trajectory.
The market remains within a rising channel, supported by an ascending trendline. However, a break below this channel could send Gold toward the key support level at $2,582, signaling a deeper correction.
Traders are eyeing two scenarios: a bullish breakout above $2,650, which could push prices higher, or a bearish breakdown below the channel, leading to lower levels. The next move will likely determine Gold's short-term trajectory.
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