The price of gold appears to be stuck in a narrow range, but bullion may attempt to retrace the decline from the yearly high ($2147) should it track the positive slope in the 50-Day SMA ($1993).
Gold Price Outlook
The price of gold consolidates after testing the moving average earlier this month, and the precious metal may attempt to break out of the range bound price action as long as it holds above the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region.
A breach above $2076 (78.6% Fibonacci extension) brings $2150 (100% Fibonacci extension) back on the radar, but a break/close below the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) area may push the price of gold back towards the monthly low ($1973) if it fails to hold above the moving average.
Next area of interest comes in around 1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension), which includes the November low ($1932), followed by the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement) region.
Gold Price Outlook
The price of gold consolidates after testing the moving average earlier this month, and the precious metal may attempt to break out of the range bound price action as long as it holds above the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) region.
A breach above $2076 (78.6% Fibonacci extension) brings $2150 (100% Fibonacci extension) back on the radar, but a break/close below the $2018 (61.8% Fibonacci extension) to $2020 (78.6% Fibonacci extension) area may push the price of gold back towards the monthly low ($1973) if it fails to hold above the moving average.
Next area of interest comes in around 1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension), which includes the November low ($1932), followed by the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement) region.
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