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Gold: Looking Forward
If we look at the weekly indicators, the market after the Fed rate-cut announcement collapsed to make a low of $1490.70. The price came right into a major daily buy signal and did not quite come down to the weekly B1 level of $1484. It found very strong support or demand at $1490 level, reverting the level right back up to the weekly average price of $1508 for the rest of the week.
With the price coming back above the average price of $1508, it activated a S1 target of $1524 to