Gold Price Rebounds Ahead of 50-Day SMA to Eye Monthly High
The price of gold appears to have reversed ahead of the 50-Day SMA ($1927) as it extends the recent series of higher highs and lows to register a fresh weekly high ($1988).
Gold Price Outlook
The price of gold climbs above the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region to approach the monthly high ($2004), with a breach above the October high ($2009) raising the scope for a move towards $2018 (61.8% Fibonacci extension).
Next area of interest comes in around $2076 (78.6% Fibonacci extension), but failure to clear the monthly high ($2004) may curb the bullish price action in gold, with a move below $1937 (38.2% Fibonacci extension) bringing the November low ($1932) on the radar.
Gold Price Outlook
The price of gold climbs above the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region to approach the monthly high ($2004), with a breach above the October high ($2009) raising the scope for a move towards $2018 (61.8% Fibonacci extension).
Next area of interest comes in around $2076 (78.6% Fibonacci extension), but failure to clear the monthly high ($2004) may curb the bullish price action in gold, with a move below $1937 (38.2% Fibonacci extension) bringing the November low ($1932) on the radar.
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