Gold Price Update: Potential Bullish Continuation
Updated
Gold prices are showing signs of a potential bullish continuation. The price has retraced to the 0.5 Fibonacci level at 2,677.26 USD after a strong upward move and appears to be stabilizing around this support.
The current consolidation above 2,677.26 USD suggests the possibility of another upward push toward the 1.0 Fibonacci level at 2,697.98 USD, with further resistance levels at 2,718.71 USD and 2,729.08 USD. However, if the price fails to hold above 2,677.26 USD, the next support level to watch is 2,666.89 USD.
Key Levels:
This setup indicates a bullish outlook if key support levels hold. Should monitor price action closely for confirmation of the next move.
The current consolidation above 2,677.26 USD suggests the possibility of another upward push toward the 1.0 Fibonacci level at 2,697.98 USD, with further resistance levels at 2,718.71 USD and 2,729.08 USD. However, if the price fails to hold above 2,677.26 USD, the next support level to watch is 2,666.89 USD.
Key Levels:
- Immediate Resistance: 2,697.98 USD (1.0 Fibonacci level)
- Support Zone: 2,677.26 USD (0.5 Fibonacci level) and 2,666.89 USD (0.25 Fibonacci level)
- Potential Targets: 2,729.08 USD (1.75 Fibonacci level)
This setup indicates a bullish outlook if key support levels hold. Should monitor price action closely for confirmation of the next move.
Trade closed: target reached
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