Gold concluded last week with a weekly candlestick featuring an upper shadow. While the first half of the week saw buying activity, momentum slowed in the latter half, suggesting a potential pullback.
The recent upward movement originated from 2884. Applying Fibonacci retracement from this point, the current price around 3015 (as of Monday, approximately 3 PM) aligns with key levels.
The critical question now is whether the price will ascend further or decline. If the market consolidates around this price range, caution is warranted for a potential continuation of the downtrend. In such a scenario, consider the following levels as potential buying opportunities:
- Red trendline
- Orange zone around 2978
- Horizontal support at 2930
Please note that trading involves significant risk. Always conduct thorough analysis and consider multiple factors before making trading decisions.
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