In November, Gold experienced a sharp $200 drop and has since been in recovery mode. The price has consistently held above the 23% Fibonacci retracement, indicating sustained demand. Recently, buying activity has increased, suggesting that bulls may be regaining control. This is further reinforced by the Golden Cross, a traditional buy signal, which has fueled the recent surge in upward momentum. Currently, Gold is testing a crucial resistance at the 61.2% Fibonacci retracement. Historically, a break above or below this level signals a trend reversal, transitioning from a correction to a new trend. If this level is breached, we could see an additional $40-$50 rise, or possibly more. Beyond technical indicators, the broader sell-off in stocks and bonds suggests a shift in investor capital toward commodities like Gold and Oil, enhancing its appeal. A break above the $2,695 level may pave the way for a rally beyond $2,725, attracting even more buyers to the market.
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