Gold experienced a sharp $200 drop in early November and has been struggling to regain momentum since. Despite several attempts at recovery, a solid Double Top pattern formed just above the 61.8% Fibonacci retracement, acting as a key resistance level.
However, since then, Gold has managed to hover above the 38.2% Fibonacci retracement, indicating strong buyer interest at this price point. On Friday, the price retested $2,670, and the current volumes along with price action suggest that buyers are gaining momentum for another attempt at pushing the price higher.
With the US dollar weakening, we anticipate this could serve as a catalyst for a short-term rally in Gold, potentially pushing the price up by $70 to $80. The next key target would be to retest the area above the 61.8% Fibonacci retracement, which aligns with a price level around $2,720. Should this resistance be broken, it could signal further upward movement, but for now, we expect a near-term price jump, driven by buyer strength and the current market conditions.
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