Gold has rallied impressively, pushing through key Fibonacci levels and reaching the 1.0 extension around $3,429. As seen in the chart, a retracement could be on the horizon before any further upside.
The red projection outlines a potential dip—possibly toward the 0.5 ($2,523) or 0.618 ($2,737) Fibonacci levels—before bulls step back in to drive price higher.
This type of corrective move is often part of a healthy uptrend. It allows the market to reset, shake out short-term traders, and build a stronger foundation for the next push—potentially toward $4,550 (1.618) or even $6,363 (2.618).
Key retracement zones to watch:
0.5 – $2,523
0.618 – $2,737
0.786 – $3,041
If gold finds support at any of these levels, it could signal a strong continuation of the bull run.
What’s your take—temporary correction or deeper reversal?
#Gold #XAUUSD #TechnicalAnalysis #Fibonacci #Commodities #MarketOutlook #GoldForecast
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.