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Gold 11.10.2024
General Trend: The general trend appears to be downward, as we see a clear descending channel drawn in red, with the price currently moving within this channel.
Expected Scenario: If the price manages to break above the upper boundary of the descending channel around the current levels (approximately 2645-2650), we can expect the price to continue rising to test the next resistance level at 2670.21.
Alternative Scenario: If the price fails to break the descending channel and remains within it, we may see a bearish reversal towards the support level at 2623.31, and possibly down to 2602.
Key Levels:
Resistance: 2645.94 - 2670.21
Support: 2623.31 - 2602.00
Disclosure of risk: Point Trader Group will not accept liability for any loss or damage as a result of reliance on the provided information.
