Gold price today "explodes": Continues to increase sharplyHello, everyone. Let's contemplate the movement of XAU this week: Will it rise or fall?
Below are some of my insights and analysis on XAU. Observing the chart, the trend appears to be upward (reaching a high of $2,759).
As a result, gold buyers will require a sustained advance over the psychological barrier of $2,750 in order to challenge the lifetime high of $2,759. Further higher, the $2,570 mark will put the bearish stance to the test.
On the downside, the 23.6% Fibo support level of $2,723 remains a tough nut to crack for gold sellers.
Acceptance below that level on a daily candlestick closure basis might restart the retreat, aiming for the 38.2% Fibo level of the same rise at $2,700.
Further south, the 50% Fibo support at $2,681 will be tested, where the 21-day Simple Moving Average (SMA) coincides.
