4-hr GOLD: Enjoying a Further $40 Rise
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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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.