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5、6 Night trading market analysis strategy:
Gold surged in the European session and then pulled back—staying steady!
Near the close, gold jumped up and then retreated slightly; the low fell to around 4660, but it held up right away. Simply put: after the rally ran too far, some people took profits. This is a normal small correction, not the end of the uptrend—in fact, it’s gathering strength to prepare for the next leg higher.
Why do I say it can still rise?
The pullback didn’t drop deeply, the price is still at a high level, and the momentum to move higher is still there. The correction is basically complete; during the US session, it’s very likely to continue the push.
Just keep an eye on the breakout during the US session. If it breaks higher, the targets to watch are:
First wave: 4730-4740
Go even further: 4770-4780
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