The price of gold experienced a significant drop yesterday. Will it continue to fall?

Golden event

Although the pattern of creating higher highs and raising lows on the daily chart has been disrupted by the recent pullback demand, judging from yesterday's daily situation, even though it ultimately closed negatively, the lower shadow was excessively long. After the selling pressure exhausted, the market was quickly pulled back. Moreover, during the previous rise in gold, some key resistances were easily broken. However, last night's decline in gold coincided with a 23.6% Fibonacci retracement from 1810 to 1997, finding support at 1953 and rebounding. This also indicates that there is considerable buying interest around this price level. Therefore, the bullish momentum is still strong, and in such a situation, it is not advisable to anticipate a significant pullback.

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Last updated: 10/25/2023 03:36

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