During the trading session yesterday, Gold broke above the round number level of 2000 to reach a high of 2009.55.
However, the move higher was brief as Gold quickly retraced to consolidate along the 1982 price level.
Further upside is anticipated for Gold if the price stays above the support level of 1960 which coincides with the 38.20% Fibonacci retracement level and the bullish trendline.
However, before the price trades higher, Gold price could consolidate/retrace first. In addition, an upward move in Gold could require either further downside on the DXY or increasing market uncertainty, driving investors toward the safe haven commodity.
If the price breaks above the recent high, the next key resistance level is at 2070.
However, the move higher was brief as Gold quickly retraced to consolidate along the 1982 price level.
Further upside is anticipated for Gold if the price stays above the support level of 1960 which coincides with the 38.20% Fibonacci retracement level and the bullish trendline.
However, before the price trades higher, Gold price could consolidate/retrace first. In addition, an upward move in Gold could require either further downside on the DXY or increasing market uncertainty, driving investors toward the safe haven commodity.
If the price breaks above the recent high, the next key resistance level is at 2070.
