GOLD Bullish Reversal on 78.6% FIBO Level and Dynamic Trendline.
During the Asian session, the gold price XAU/USD appears to be susceptible above the psychological barrier of
2
,000.00. Although the precious metal had initially shown signs of recovery after reaching a low of
1
,992.50 over a four-day period, the upside movement remains limited due to the bullish outlook for the US Dollar Index (DXY).
Our analysis indicates the possibility of a new long impulse for gold after it bounces back from the 78.6% Fibonacci Level in conjunction with the dynamic trendline. However, if the price drops below the first Fibo leg, we will consider a potential trend reversal.
2
,000.00. Although the precious metal had initially shown signs of recovery after reaching a low of
1
,992.50 over a four-day period, the upside movement remains limited due to the bullish outlook for the US Dollar Index (DXY). Our analysis indicates the possibility of a new long impulse for gold after it bounces back from the 78.6% Fibonacci Level in conjunction with the dynamic trendline. However, if the price drops below the first Fibo leg, we will consider a potential trend reversal.
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