Gold retreats after rising

Gold prices have seen a significant pullback from recent highs and are now trading between key Fibonacci retracement levels. The key retracement levels of prices from previous highs to lows include: 23.6% ($2,617.15), 38.2% ($2,638.02), 50% ($2,654.88) and 61.8% ($2,671.74). The price is currently hovering around the 38.2% level and showing some signs of support.

After a period of decline, the price rebounded after hitting a low on January 19, and then formed a symmetrical triangle consolidation structure. After the breakthrough, the price entered the rising channel but showed some correction pressure in recent days.

From the short-term trend, despite the current correction, the overall upward trend has not been broken. Combined with the previous trend, the market may stabilize in the current support range (around $2,638) and try to test the 50% Fibonacci retracement level ($2,654.88) or even higher resistance again. But if the market continues to fall, the lower side will fall back to the previous wide adjustment range.

Long trading suggestions:
Aggressive strategy: You can try long orders near $2,638, and set the stop loss below the key support ($2,617).
Conservative strategy: Wait for the price to break through $2,655 to confirm the continuation of long positions, and the target can be seen at $2,672.

Short trading suggestions:
Aggressive strategy: You can try short orders near $2,654, and set the stop loss above the key resistance ($2,671).
Conservative strategy: Wait for the price to break through $2,630 to confirm the continuation of short positions, and the target can be seen at $2,617.

At the same time, it is necessary to pay close attention to the impact of fundamental factors on gold prices, such as changes in the US dollar index and global macroeconomic data.