XAUUSD
recently found support at the 0.5 Fibonacci retracement level of the bullish movement that occurred in November 2023. During the bullish market in December, some of the indicators showed a divergence, indicating that the bullish movement may have been exhaustive and suggesting a potential reversal for Gold. Nevertheless, the bearish movement observed in January could be considered a correction rather than a full-fledged reversal. It is important to note that this correction has the potential to drive Gold's price even lower. If the price breaks below the support level at 2,008, it is likely to continue its downward movement towards 1,980.
A confirmed downtrend for Gold would occur if its price drops further and closes below 1,980.
On the other hand, if Gold manages to rebound from the 0.618 retracement level, which is at 2,058, it will face a significant resistance. This level is only a few cents away from the 0.618 retracement of the bearish movement. If Gold's price successfully closes above 2,064, it has the potential to reach the 1.382 projection level at 2,170.