Technical analysis 📈 Gold gains 1.5% amid weakening US dollar

A weaker US dollar and lower Treasury yields are supporting a rebound in gold prices, which are attempting to break their recent losing streak and move back sustainably above $4,600 per ounce. Looking at Fibonacci retracement levels of the recent dominant downtrend, the $4,440 area appears to act as a key support, aligned with the 23.6% retracement and reinforced by recent price action. On the upside, $4,660 stands out as a short-term resistance level, where prices have already been rejected today and which coincides with the 38.2% Fibonacci retracement. A further resistance level is seen around $4,800 per ounce, where the EMA50 (orange line) is currently located.

Source: xStation5

If the current phase in the gold market were to mirror the previous one, we could expect an increase in volatility over the coming days. This period of heightened price swings would likely determine whether the downtrend resumes or reverses, potentially opening the path for a move above $5,000 per ounce.

Source: xStation5

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