Following a substantial $250 decline, gold buyers have regained strength, propelling the precious metal back into its upward trajectory. The resurgence of bullish momentum is underscored by the appearance of a classic Golden Cross pattern—a pivotal technical signal where the 20 MA decisively moves above the 60 MA, indicating a robust buy opportunity.
Since Friday, the market has entered a brief consolidation phase, marked by a pullback to retest a critical support zone around $2663. This level corresponds to the 38% Fibonacci retracement, a significant technical marker often watched closely by traders. Should this support area prove resilient, it is expected to provide a solid foundation for the continuation of the uptrend. In such a scenario, the next major upside target lies above $2720, signaling a potential extension of the bullish rally.
The interplay of these technical factors highlights a well-supported market structure, offering promising opportunities for bullish market participants.
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