Gold has reached a new all-time high, creating either a double top or peaking at a maximum of $2,487. The price turned within a very narrow range between $2,472 and $2,487, which was remarkably precise.
The precise turnaround within the small range indicates significant resistance at this level. Our primary scenario anticipates a pullback towards $2,200 before the trend resumes upward. This level is crucial for confirming a long-term bullish trend. Alternatively, if the price does not pull back and instead rejects at the Point-of-Control, we may see a continued upward movement.
Should the price break above $2,487, we will cancel our long limit order as the bearish pullback scenario would be invalidated.
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