business ๐ Gold Price Forecast: Pullback Risk After Resistance Test
Gold's daily chart shows a larger trend structure, despite a recent 11.4% advance from its swing low to this week's high. Bulls have potential support near the initial Fibonacci retracement, specifically below the lower swing high near $4,203. Key support levels include the 61.8% retracement at $4,167 and the rising 20-day moving average at $4,175. Hitting the 50-day moving average, which acted as resistance since March, could strengthen a bullish recovery. The potential upside is currently seen near the 200-day moving average at $4,506.