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Gold: Descending Channel

XAU/USD, 1 hour    LONG Oct 6
As we can see XAU/USD gives a descending channel, the price is going to break out. A descending channel typically predicts reversals in downtrends in case if price breaks above resistance. XAU/USD aims to complete a retracement towards 1838 on a breakout of the descending channel as there is room for a upside correction.
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