🪙 #Gold Forex - update 12th March

🕓 Time Frame : 1 HOUR
🔽 Status : Bullish
📆 12.03.2024
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Status:
🔸Gold's Trend: bullish run with a target of $2200 and further potential to reach $2260. This suggests a long-term upward trend.
🔸Support and Resistance: It mentions strong support at the EMA50 (a technical indicator) around $2145 and a potential correction if this breaks.

🔸Here's a possible explanation:

There might be a short-term dip within a larger bullish trend. The market could be experiencing some temporary downward pressure in the 1-hour timeframe, but the overall trend might still be positive.

🔸Remember: Short-term fluctuations are common in any market. This information might be a snapshot of a temporary movement within a larger trend.