GOLD

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Although there is a bearish divergence visible on the weekly timeframe (which often signals a possible slowdown or reversal in the trend) the daily timeframe shows that gold has broken out of a bullish flag pattern a continuation pattern that usually leads to further upside.

This breakout suggests that, despite the divergence gold still has room to move higher in the short term. Based on this pattern it could rise up to around 38000 before it begins a retracement (a temporary pullback). After the retracement the overall upward trend may resume, especially if strong support levels hold.

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