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James Stanley, Senior Strategist at DailyFX, analyzed the recent move in gold as it fell below the important 4671 level, breaking out from a descending triangle pattern.
Stanley emphasized that while bulls attempted to maintain support, persistent sellers have gained control. He highlighted that the formation of lower highs signaled increasing bearish pressure, with the next support levels identified at 4555 and 4500.
Stanley has recently tracked key levels in other major markets. He highlighted resistance for the U.S. dollar during a week of Federal Reserve events and jobs data in a previous analysis. In another update, he focused on the British pound as it tested support in both GBPUSD and GBPJPY pairs, outlining price action setups across forex majors in his recent coverage.