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"Punished selling" is over! Gold future concerns this key resistance
Stimulated by market uncertainty, the performance of gold in the past two days has made the bulls feel gratified. Spot gold has steadily climbed to a high of nearly two weeks, breaking through the level of $1310.
Bubba Trading analyst Todd Horwitz pointed out that the "punitive" sell-off in which the price of gold fell from 1350 to $1,280 has ended, and the bullish return has pushed the price of gold above the $1,300 mark.
All recent gold movements suggest that gold prices form a new bottom at higher lows.
If investors are still worried about the trend of gold and silver, it may be because their trading volume is relatively light. But in any case, gold has support and rebound.
The analyst expects gold's recent gains to be blocked at a high of $1,320. Then the price of gold should retest the recent lows, but it seems to have bottomed out and may consolidate for some time in the future.
However, Todd Horwitz also pointed out that we can regard the callback of gold price as a buying opportunity.
Editor in charge: Lu Shan RF10057
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