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(Kitco News) – Gold
This now looks to be a very firm consolidation zone between $1673.3/oz and $1759.4/oz. A break on either side of this area could tell us a lot about the conviction of the market.
On the higher timeframe charts (daily+), this move is still pretty much in keeping with the downtrend and the aforementioned consolidation low is the key area as it looked like a double bottom was forming with a very slight higher low wave. Interestingly the most recent wave high was higher than the last on 18th March 2021 (daily chart) so this could still be the beginning of a move higher but only time will tell to see if that can be sustained. Any support around the current price area could be a good sign of that being the case.
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