DAY_PROFITS

GOLDPrice Consolidates for Bullish Reversal

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OANDA:XAUUSD   Ouro/Dólar Americano
The price of gold is currently consolidating below the 2 ,000 level, having rebounded from recent lows. This rebound has been supported by sustained selling in US Treasury bond yields, which has led to a risk-off sentiment in the markets.
From a technical standpoint, the price has formed a double bottom pattern and is now attempting to recover value and move in the direction of the prevailing bullish trend.

Our analysis suggests that a pullback in the price towards the previous rejection area between the 38.2% and 61.8% Fibonacci retracement levels could provide an excellent buying opportunity for the metal at a discounted price. Therefore, we recommend considering a long position in gold at this level, as we anticipate a new long impulse in the near future.

In summary, we believe that gold remains a promising investment opportunity, and we recommend taking advantage of the current pullback to initiate a long position in the metal.
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