Gold prices are currently following a five-week upward trend, suggesting strong potential for 'buy-the-dip' trading opportunities in gold.
However, for a sustained bullish trend to begin, gold needs to close above the wedge resistance at $2,450, which is an all-time high for the metal.
Regaining this level could propel prices towards the $2,500 mark.
Conversely, if buyers fail to regain momentum, gold could retreat to its May 17th low of $2,374.
However, for a sustained bullish trend to begin, gold needs to close above the wedge resistance at $2,450, which is an all-time high for the metal.
Regaining this level could propel prices towards the $2,500 mark.
Conversely, if buyers fail to regain momentum, gold could retreat to its May 17th low of $2,374.
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