I’m going to tell you the truth, I don’t know… in fact, no one knows for sure! But (there is always a “but”) I can tell you a few things that will give you so insight about when it is likely to resume its upward movement.
Right now, gold (XAUUSD) is trading pretty close to an important long term level (around 1553.33). Before I start looking for trade opportunities, I need to make sure gold is rejected from the important support level that I’m talking about. When will this happen? When it breaks the resistance level of the short term range, only then I will feel more comfortable looking for long opportunities:
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