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Gold's Recent Highs and the Anticipated Retracement: A Technical

Gold's Recent Highs and the Anticipated Retracement: A Technical Outlook

Introduction:

The price of gold (XAU/USD) is facing challenges in gaining substantial momentum during the early European session on Thursday. This comes after the precious metal reached its highest level since May 5 in the previous session. As our analysis predicted (link below), gold might undergo a new retracement, targeting the 50% to 61.8% Fibonacci levels, before resuming its bullish rally. The reversal around the 2052 resistance area on the daily chart signals a potential bearish impulse, and we anticipate a move towards the Fibonacci retracement area.

Technical Analysis:

The technical analysis suggests that gold's recent strong gains could experience a temporary pause. The identified resistance around the 2052 area has prompted a reversal, aligning with our expectations for a retracement. Monitoring the 50% to 61.8% Fibonacci levels will be crucial to identify potential entry points for traders looking to capitalize on the anticipated bearish move.

Conclusion:

In summary, gold's current consolidation near recent highs indicates a potential retracement, in line with our previous analysis. Traders are advised to closely watch the Fibonacci levels for potential entry points as the precious metal navigates this phase. The broader bullish trend remains intact, but short-term retracements are not uncommon in such market dynamics. Stay tuned for further updates as the situation evolves.

Link to yesterday's analysis: