Gold (XAUUSD) is currently reacting to the 61.8% Fibonacci retracement level at 2960.734, which aligns with a key support zone. After a strong rally from late February to early April, price is now undergoing a healthy correction, potentially setting the stage for the next bullish leg.
Here’s what we’re watching:
📉 Initial rejection from the recent high near 3167
📊 Price retracing to the 61.8% Fib level, a common reversal point
🟩 Previous demand zones acting as support
🔄 Expecting a range or slight pullback before another potential push upward
If price holds above the 2960–2900 support region, a continuation of the uptrend seems likely. Patience is key here — confirmation from bullish structure will be the trigger.
Let’s see how gold reacts in this zone — the next big move could be brewing! 🔥
Here’s what we’re watching:
📉 Initial rejection from the recent high near 3167
📊 Price retracing to the 61.8% Fib level, a common reversal point
🟩 Previous demand zones acting as support
🔄 Expecting a range or slight pullback before another potential push upward
If price holds above the 2960–2900 support region, a continuation of the uptrend seems likely. Patience is key here — confirmation from bullish structure will be the trigger.
Let’s see how gold reacts in this zone — the next big move could be brewing! 🔥
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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.
Disclaimer
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.