Gold has been in a strong uptrend since the start of 2023, as investors seek a safe haven amid economic uncertainties and geopolitical tensions. The yellow metal has risen from $1,800 per ounce at the end of 2023 to $2,050 per ounce, a gain of nearly 14%.
However, gold is facing some resistance at the 0.61 Fibonacci retracement level of the previous downtrend.
If gold can break above the 0.61 Fibonacci level, it could signal a continuation of the uptrend and a potential target of $2,100 per ounce, which is the next psychological resistance and the forecast of some experts. However, if gold fails to overcome this level, it could indicate a loss of momentum.
Therefore, traders should be cautious and watch the price action around the 0.61 Fibonacci level. A breakout or a breakdown could determine the next direction of the market for gold in 2024.
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However, gold is facing some resistance at the 0.61 Fibonacci retracement level of the previous downtrend.
If gold can break above the 0.61 Fibonacci level, it could signal a continuation of the uptrend and a potential target of $2,100 per ounce, which is the next psychological resistance and the forecast of some experts. However, if gold fails to overcome this level, it could indicate a loss of momentum.
Therefore, traders should be cautious and watch the price action around the 0.61 Fibonacci level. A breakout or a breakdown could determine the next direction of the market for gold in 2024.
Please follow for more Ideas, thank you.