Gold Market Analysis: Retracement Signals and Scalping Prospects

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Gold experienced a significant retreat upon reaching the upper boundary of its channel, approximately at the value of 2333.35. Currently, the price has faced resistance and subsequently retreated from the 50% Fibonacci retracement level, indicating a potential pullback towards the upper bounds of the channel. In response to these developments, we are actively evaluating potential scalping opportunities within this market context.

However, traders may opt to exercise patience, awaiting additional cues to confirm the conclusion of the corrective decline from the all-time peak, before positioning themselves for potential further gains.

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