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Gold Price Forecast: Liquidity Grab Likely Before Rally to New H
The price seems to be consolidating within the ascending triangle, Price is testing the confluence of the descending trendline and the 61.8% Fibonacci retracement level.
This area has historically acted as a rejection zone.
Price is likely to reject this level and push downward to sweep liquidity below recent swing lows near 2,600 or 2585 area.
After liquidity is swept, price could form a spring (Wyckoff reaccumulation) and provide a strong buy signal which can push price towards 2800.
(Expecting a pullback but this does not mean that I want to short gold, I am still waiting for a good buy area, if gold deliver this kind of move then that will be a good setup for swing buy)
This area has historically acted as a rejection zone.
Price is likely to reject this level and push downward to sweep liquidity below recent swing lows near 2,600 or 2585 area.
After liquidity is swept, price could form a spring (Wyckoff reaccumulation) and provide a strong buy signal which can push price towards 2800.
(Expecting a pullback but this does not mean that I want to short gold, I am still waiting for a good buy area, if gold deliver this kind of move then that will be a good setup for swing buy)
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