Gold Price Forecast: XAU/USD Surges Up To Fibonacci Resistance
Chart prepared by James Stanley; Gold on Tradingview
Taking a step back on the chart and a series of additional levels come into view. If bulls are able to retain control of this Gold breakout in early-2021 trade, the next big levels of potential resistance may show around 1965, which is the current three-month-high; followed by 1979 which is the 23.6% Fibonacci retracement of the same June-August major move. If those levels are traded through, the $2,000 psychological level would be next, followed by 2016.55 and then that 2075 all-time-high.
On the underside of price action, the same support/resistance zone looked at in December, spanning from Fibonacci levels at 1859-1871, could come into play should 1900 get taken-out. Below that, a Fibonacci level at 1823 presents some potential for subordinated support.
GOLD DAILY PRICE CHART
(Click on image to enlarge)
Chart prepared by James Stanley; Gold on Tradingview
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