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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.