Welcome, everyone! Last week was nothing short of a gold fever, as the precious metal reached unprecedented heights. Fast forward to today, gold has once again soared, hitting $2265, marking a notable increase of $25 in the early hours of Monday's trading session.
This surge in gold's value is primarily driven by declining treasury bond yields and a weakening USD, with anticipated Fed rate cuts serving as a potent catalyst for this splendid revival.
Looking into today's trajectory and the week ahead, the outlook on gold remains positive. However, we might witness a slight consolidation following the recent explosive recovery as the metal seeks a healthy correction to bolster its upward journey, alongside a reevaluation of its EMA line.
The support zone to watch ranges from $2225 to $2235, aligning with the Fibonacci retracement levels of 0.5 - 0.618.
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