Following a pointy interval of profit-taking on Friday, the worth of gold discovered strong shopping for curiosity inside a essential Fibonacci correction zone. This key help space, outlined by the 38.2% to 50% retracement of the latest upward pattern, spans $4162.28 to $4213.85. The low reached on Friday was $4185.42, validating the importance of this help zone earlier than the worth pivoted greater.
The next rebound propelled the worth again above the rising 100-Hour Transferring Common (HMA). This transferring common shortly transitioned right into a dependable help degree, efficiently examined thrice on Friday and once more early right now.
This robust defensive motion offered consumers with the conviction to provoke a renewed push. During the last eight hours of buying and selling, the underlying bullish pattern has strongly reasserted itself, driving the worth to a excessive of $4334.78, marking a rise of over $80 on the day.
Given the sellers’ constant failure to capitalize on Friday’s consolidation, consumers stay in agency management. Additional monitoring of the present help ranges, together with the 100-HMA, is essential for sellers making an attempt to reclaim short-term management.
