Currently, gold's rebound has stalled around the 2665 level, followed by a pullback to a low of approximately 2652. Many are likely wondering how far this retracement might extend.
From the current structure, despite the pullback, gold remains in a clear bullish trend. During its upward movement, gold gained strong momentum, breaking through multiple resistance levels at 2635, 2640, and 2655. Based on this bullish momentum, gold still has room to continue rising, with potential targets at 2670-2680 or even 2695.
It is evident that the short-term retracement in gold is likely a consolidation phase to build momentum for the next upward move. Therefore, there’s no need to fear the pullback. If gold retraces to the 2650-2640 zone, I believe this would present a strong buying opportunity to go long.
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