Gold Price Prediction – Gold Set to Test Previous Support

Gold markets have retreated to begin Thursday’s trading session, but have attempted to recover by reversing some of the selling pressure.

During Thursday’s trading session, gold markets reemerged with signs of life after seeing a slight decline. Notably, the $1680 level above is major noise, as it has historically provided strong support; hence, we are about to retest this breakout. If we exhibit any signs of weariness in that area, I am more than prepared to resume sales. The markets will need to pay special attention to this situation, and if we break below the bottom of the candlestick for Thursday’s trading session, I believe the market will likely slide back to its lows.

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We are approaching near to the previous level of support, so I would be all over that weariness if it does indeed occur. This might be a circumstance in which you trade next week based on this, but at the moment I’m paying special attention to any signs of tiredness. This will be especially true if the U.S. dollar begins to recover, although the U.S. dollar is currently a little overbought, resulting in a short-term shift in global sentiment. I do not believe that this is necessarily the end of the US dollar’s bullish run, therefore some perspective is likely required at this time. The $1680 level will continue to be crucial, so keep a close eye on it and let the market tell you when it’s time to start selling again.

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