Short-term action remains in a sideways mode after the metal’s price spiked to new record high ($2141) in early December, holding within $1973/$2088 range, but mainly above psychological $2000 level, which adds to positive bias.
Gold is consolidating after Oct-Dec 2023 18% advance, a part of larger uptrend from $1616 (Nov 2022 higher low) with strong prospects for further gains, as growing global geopolitical tensions, economic uncertainty and signals that the Fed considers interest rates cuts later this year, continue to keep demand for safe-haven bullion steady.
The price is likely to continue to fluctuate within current range, awaiting fresh signals from fundamental side as technical studies on all larger timeframes remain bullishly aligned and contribute to positive outlook.
Gold can rise towards Fibonacci projections at $2206/26, on firm break of $2141 peak, with extension towards $2300 zone expected on stronger acceleration.
Res: 2056; 2065; 2088; 2100
Sup: 2014; 2009; 2000; 1985
