How Will Gold React to the Trade War Ease?

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A few weeks ago we saw a sharp decline to the lower yellow bound, after which there was a rebound and the market began to move sideways. It is likely that after some time the upper bound of the yellow channel will be reached.

Taking into account the fact that recently we have seen almost sideways movement with a lot of fluctuations, the movement to the resistance level of 1502.96, may continue in a similar manner. Schematically, the main forecast is indicated by lines inside the green channel.

However, in this situation, there is an alternative option. The bears will have the strength to implement it if they can break through the support level of 1463.47, which forms the lower bound of the green channel. In this case, the market may continue to move down to the support level of 1429.31.

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