Gold (XAUUSD) is currently moving around 2981 - 2990 showing signs of consolidation after a strong bullish move. The chart highlights a potential retracement to key Fibonacci levels at 2970 2964 and at 2958 aligning with a demand zone around 2949 - 2941.
If price retraces to Fibonacci levels and finds support, we may see a bullish reversal making new high, confirming buying pressure and a continuation of the uptrend.
However, if the price breaks below 2956 it could indicate further downside potential and it may retest to the demand zone at 2950
If price retraces to Fibonacci levels and finds support, we may see a bullish reversal making new high, confirming buying pressure and a continuation of the uptrend.
However, if the price breaks below 2956 it could indicate further downside potential and it may retest to the demand zone at 2950
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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.