Greetings, fellow traders! As we navigate through the early hours of this midweek trading session, the price of gold is holding steady at around $2017 USD, exhibiting minimal fluctuations.
A closer look at the charts suggests that sellers are gaining the upper hand. They've managed to breach the uptrend line and are now eyeing further opportunities to drive the price down, particularly as the corrective wave hits the 0.5 - 0.618 Fibonacci retracement levels.
My anticipation is set on gold taking a dip towards the $2000 mark, possibly extending the descent to the $1980 threshold. What's your take on the precious metal's next move?