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FX.co ★ Gold remains inside medium-term bullish channel

Gold remains inside medium-term bullish channel

Gold price made a deep correction during 2nd week of August and price tumbled from $2,075 to $1,862. Price stayed inside the bullish channel and nearly touched the lower channel boundary. There is no change in trend.

Gold remains inside medium-term bullish channel

Blue lines - bullish channel
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Gold price could make another pull back towards $1,880 area and I believe this will be the big test for the medium-term trend. If recent low at $1,862 holds on a weekly basis then we could expect another move higher. An ideal setup for bulls would be to see price pull back again towards $1,880 and then break above recent high at $1,965. This will be a confirmed bullish setup, that is why I would be a buyer as close to $1,860 as possible and use it as a stop.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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