Gold Open to Dip-Buying?

٢٣ مايو

Everyone’s favourite yellow metal (spot gold [XAU/USD]) ended Wednesday at session lows, extending the retracement slide from recent all-time highs of $2,450. This opens the door to possible dip-buying opportunities at the 61.8% Fibonacci retracement ratio at $2,343, a level complemented by a local trendline resistance-turned-potential support extended from the high of $2,431 and an ascending support line, taken from the low of $2,149.

In the event that buyers make a stand at current support, the precious metal could be looking at fresh record highs in the not-so-distant future.