Gold technical review

The gold price is trading higher for a 3rd straight day in today’s trading session and has clearly broken through what was formerly a strong resistance level as we can see by the lower line. The momentum is now with the precious metal, as many now believe that further rate hikes from the US Federal Reserve are on hold for the rest of the year. The next resistance point we believe will be the 2nd trend line which is around $1242 and may be a good place to take a profit. After some resistance, the gold price should break through this 2nd trend line and continue its climb higher

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