Will $2,640 Hold Amid Volatility?

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After a strong rally, gold is facing some downside pressure from its new highs. Specifically, the daily chart shows that gold has hit a key resistance level at $2,678/oz and is currently showing signs of a slight recovery.

Personally, I believe that gold is still in the accumulation phase after a strong rally, and the selling pressure may not be over yet. The next important support level to watch is $2,640, which corresponds to the 0.618 Fibonacci level. This will be the deciding point whether gold continues its downtrend or starts to recover. If gold fails to hold this support level, we could see a deeper decline towards $2,600/oz.

Overall, given the current situation, I advise investors to be cautious and prepare for a scenario where gold could fall further if the next support levels are not held. At the same time, investors should also closely monitor market developments to quickly update and respond promptly to changes in gold price trends.

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