Gold on the edge: is a record high around the corner?

9月10日

Gold prices have settled into a rectangle pattern, a favorite of mine due to its simplicity and high probability of a successful breakout. Over the past 25 days, the price has been consolidating within this range, which strengthens the likelihood of a significant move once the breakout occurs. A breach of the 2,530 level, particularly if the US inflation data tomorrow comes in lower than expected, could propel the price by 57 dollars per ounce, reaching 2,586, a new all-time high. On the other hand, if the price breaks below 2,447, it could fall by the same amount, potentially dropping to 2,410.

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