Gold posted its biggest daily gain since December 2023 in the aftermath of the Fed’s meeting this week, so it certainly seems that the uptrend is still active. However, now that the price has reached the next psychological area of $2,200 and buying saturation is visible again, the next possible round of gains could be more modest than early March’s nearly vertical movement.
The next obvious target for buyers would be the 100% Fibonacci extension around $2,310. That aligns with the next round number too. However, it remains to be seen whether the price will consolidate around $2,200 or instead retrace lower, confirming that area as a resistance. Usually in this situation buyers would prefer to enter at least somewhat lower; a retracement below $2,200, possibly even to $2,150, in the next few days might provide a more favourable entry to buy.
This is my personal opinion which does not reflect the opinion of Exness. This is not a recommendation to trade.
The next obvious target for buyers would be the 100% Fibonacci extension around $2,310. That aligns with the next round number too. However, it remains to be seen whether the price will consolidate around $2,200 or instead retrace lower, confirming that area as a resistance. Usually in this situation buyers would prefer to enter at least somewhat lower; a retracement below $2,200, possibly even to $2,150, in the next few days might provide a more favourable entry to buy.
This is my personal opinion which does not reflect the opinion of Exness. This is not a recommendation to trade.