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28.05.202015:24 Forex Analysis & Reviews: Gold bulls recapture $1,700 but face important resistance ahead.

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Gold bulls recapture $1,700 but face important resistance ahead. Price has resistance now at $1,725 where we find the upper boundary of the downward sloping channel. Gold bulls have made a comeback after breaking below $1,700 and it is important for them to hold price above it.

Red lines - bearish channel

Green line -target

Gold price is bouncing off $1,693. Recapturing $1,700 was an important bullish sign that bears did not want to see. Price should now continue higher and break the resistance at $1,725. If price continues to make higher highs and higher lows, I expect Gold price to reach $1,780 next. The weekly bearish divergence remains and we should not ignore it.

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