GOLD Price Approaching Support and 61.8% FIBO - Bullish Setup
Updated
Gold price is facing its third consecutive day of pressure and could experience its first weekly loss in three as mixed market sentiment and downbeat Treasury bond yields underpin a rebound of the US Dollar, weighing on XAU/USD. Furthermore, concerns over the US debt ceiling negotiations and banking issues allow Gold sellers to gain momentum, ahead of the Michigan CSI and inflation expectations. XAU/USD is now trading near $2,012, marking a fresh intraday low.
From a technical perspective, there could be a possible rebound for the price as it approaches the previous support area, which is in confluence with the 61.8% Fibonacci level. The next area of focus and potential target could be around the $2040-$2050 value.
From a technical perspective, there could be a possible rebound for the price as it approaches the previous support area, which is in confluence with the 61.8% Fibonacci level. The next area of focus and potential target could be around the $2040-$2050 value.
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Gold has been on the radar of intraday buyers due to the hope that the US debt ceiling will be extended, coupled with the lack of major risk-negative headlines. However, to gain further validation for their buying stance, gold buyers need to keep a close watch on updates regarding the US default situation, any banking news, and the upcoming US Retail Sales report. These factors may have a significant impact on the direction of XAU/USD in the near term. Therefore, market participants will likely monitor these developments closely as they seek to assess the outlook for gold in the coming days.
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