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Gold’s break back into wedge brings more bullish outlook
The recent break back above the $1105 level has brought the bulls back to the table, with the price initially moving to the projected target of $1135. However, a pullback has resulted in another catapult high, with the price now challenging the March low of $1143.
This brings us into a place where expectations of further gains mean that any pullback is seen as a possible buying opportunity. With that in mind, I am bullish while the price remains above the recent $1110 swing low.
Major resistance levels to watch out for that could spark the next retracement in gold are $1143, $1147 and $1162 and $1178.