GOLDPrice Consolidates for Bullish Reversal
The price of gold is currently consolidating below the
2
,000 level, having rebounded from recent lows. This rebound has been supported by sustained selling in US Treasury bond yields, which has led to a risk-off sentiment in the markets.
From a technical standpoint, the price has formed a double bottom pattern and is now attempting to recover value and move in the direction of the prevailing bullish trend.
Our analysis suggests that a pullback in the price towards the previous rejection area between the 38.2% and 61.8% Fibonacci retracement levels could provide an excellent buying opportunity for the metal at a discounted price. Therefore, we recommend considering a long position in gold at this level, as we anticipate a new long impulse in the near future.
In summary, we believe that gold remains a promising investment opportunity, and we recommend taking advantage of the current pullback to initiate a long position in the metal.
2
,000 level, having rebounded from recent lows. This rebound has been supported by sustained selling in US Treasury bond yields, which has led to a risk-off sentiment in the markets. From a technical standpoint, the price has formed a double bottom pattern and is now attempting to recover value and move in the direction of the prevailing bullish trend.
Our analysis suggests that a pullback in the price towards the previous rejection area between the 38.2% and 61.8% Fibonacci retracement levels could provide an excellent buying opportunity for the metal at a discounted price. Therefore, we recommend considering a long position in gold at this level, as we anticipate a new long impulse in the near future.
In summary, we believe that gold remains a promising investment opportunity, and we recommend taking advantage of the current pullback to initiate a long position in the metal.
