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23.12.2022 05:32 PM
Short-term technical analysis on Gold for December 23rd, 2022.

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Blue lines- bullish channel

Red line- bearish RSI divergence

Gold price pulled back towards channel support yesterday. Price made a low around $1,784 and respected the lower channel boundary. Price is now bouncing off the channel boundary and as long as price is above $1,784, we can see a new higher high or at least a bounce towards $1,817. The RSI suggests that a reversal might be imminent, but we need also to see a confirmation by breaking below support of $1,780-84. Until then bulls remain in control and we could see higher highs. Our pull back target remains at $1,730.

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