XAU/USD - 2 Week Analysis

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Stepping back to examine the bigger picture for Gold, we see price in a consolidation from August 2020 until a breakout began in February 2024. Using a Fibonacci retracement tool, it identifies that price rejected the 50% retracement, broke above and retested the -27% Fib extension level and has a high probability to continue bullish to test the -61.8% Fib around $2642 per troy ounce.