Gold prices today have seen a slight decline as expected if gold surpassed the 2375 USD mark. Currently, the precious metal is hovering around 2364 USD, down 0.60% for the day with a drop of 150 pips at the time of writing.
Gold is healing its wounds after reaching a five-day high, now sitting below 2370 USD, weakened by the May policy meeting minutes from the Federal Reserve (Fed).
Revisiting the May low of 2335 USD seems inevitable if the correction continues. However, if gold buyers manage to prevent the breakdown of the rising wedge pattern, a rebound to 2400 USD could be in sight. Furthermore, the previous day's high of 2427 USD will also be challenged. The next relevant upside target could be seen at 2450 USD.
Gold is healing its wounds after reaching a five-day high, now sitting below 2370 USD, weakened by the May policy meeting minutes from the Federal Reserve (Fed).
Revisiting the May low of 2335 USD seems inevitable if the correction continues. However, if gold buyers manage to prevent the breakdown of the rising wedge pattern, a rebound to 2400 USD could be in sight. Furthermore, the previous day's high of 2427 USD will also be challenged. The next relevant upside target could be seen at 2450 USD.
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