Gold Daily – Holding the Line Before the Next MoveGold Daily – Holding Support, Eyes on the Next Leg
Gold’s run from the 50MA support that started in the second half of August has been nothing short of spectacular.
After such a sharp move, it’s natural to look for where price might pause or recharge.
Based on historical price action and key Fibonacci levels, several zones stand out.
The 0.5 Fib level at $4,096 acted as resistance on October 8, marking the local high of this move.
Below, the green support line around $3,945 is now being tested, a zone that also aligns closely with the BBcenter, creating a confluence of potential support.
So far, this level has held for two sessions, but confirmation will depend on today’s daily close, roughly 12 hours from now.
With inflation concerns resurfacing and central banks showing renewed interest in gold reserves, the macro backdrop still favours strength in the long term.
Many are calling for a top in gold after this explosive rally, but as history shows, tops are rarely that obvious.
If this support zone, defined by the BBcenter and green line, manages to hold, price could push again toward $4,096, and possibly even extend to the projected “Next Move Beyond 161.8%” level around $4,446.
Bias: Cautiously bullish, support cluster holding, watching daily close for confirmation of continuation.
Always take profits and manage risk.
Interaction is welcome.
