GOLD/ Correction, and Then Decline Scenario

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Generally, the direction is a downtrend

Summary: Prices are expected to rise before experiencing a sharp decline. Gold prices inched higher on Monday as investors anticipated a potential interest rate cut by the Federal Reserve this week, with particular attention on the central bank's outlook regarding rate cuts in the coming year.

Uptrend Side: breaking above 2664 by closing 1H or 4H will rise more to get the 2701.

Downtrend Side: The 2,664 level may act as resistance, potentially pushing the price downward and leading to a short correction. However, the stronger resistance at 2,071 could drive the price into a more significant decline, potentially falling below 2,606.

Tendency Keys: 2640
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As previously mentioned, the price is under selling pressure and has dropped, yielding a profit of over +100 pip.
Chart PatternsHarmonic PatternsTrend Analysis

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