From a technical point of view, so far the yellow metal may struggle to surpass the $2,361.77 yearly level, the short-term bullish target. The aforementioned annual level should serve as a key pivot point for the future of the Gold price. However, a close above the $2,361.77 yearly level will be seen as a new trigger for bullish traders and will lead to the Gold price possibly reaching the next target represented by the $2,392.41 yearly level. A subsequent rally could extend further towards the next yearly level of $2,419.61.
On the other hand, bearish traders will likely wait for some subsequent selling and a close below the $2,321.14 yearly level before placing new bets. Here the yellow metal could further extend the corrective decline towards the next yearly level of $2,280.51.
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