Is Gold going to hit all time high ?

29 Apr

From a technical standpoint, the rebound last week from levels below $2,300 encountered resistance near the $2,352-2,353 zone, which combines the 50% Fibonacci retracement level from the recent pullback and the 200-hour Simple Moving Average (SMA). Despite this, the subsequent decline found support near the $2,320 mark (23.6% Fibonacci level) and held firm just below the 100-hour SMA, establishing it as a pivotal point. A sustained breach below this level could expose gold prices to a retest of last week's low, around $2,292-2,291, with further support likely near $2,268-2,265.

On the upside, bullish momentum hinges on a breakthrough above the $2,352-2,353 resistance zone, signaling potential for further gains. In such a scenario, gold prices could target the next resistance area near $2,371-2,372, followed by a push towards the psychological level of $2,400. Continued momentum could then propel prices towards the all-time high around $2,431-2,432, as seen earlier this month.