- Gold's uptrend continues and has strong support near $2,430. Yesterday, the price of gold rose above the previous resistance area of $2,450.00 (May 20 high) and $2,452.90 (76.4% Fibonacci retracement of 2,483.70 to 2,353.20).
Technical Indicators:
- The 14-day Relative Strength Index (RSI) shows that buyers are gathering momentum, which means that prices are likely to continue to rise.
Price Expectations:
- **On the Upside**: If buyers sustain prices above $2,450 - $2,452, the next target will be $2,477.70 (August 2 high) and the previous all-time high of $2,483.70. The next level up will see $2,500.
- **Downside**: On the contrary, if the price of gold falls below the $2,450-2,452 area, it may intensify the decline and cause the price of gold to fall back to the $2,430.00 level.
Trading suggestions:
- **Operation direction**: Long gold
- **Entry price**: Enter before $2,466.00
- **Stop loss price**: $2,462.00
- **Target price**: First target $2,490.00, second target $2,500.00
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