Gold stays under bearish pressure at the beginning of the week and trades deep in negative territory below $1,960.
On the flip side, any meaningful recovery now seems to confront immediate resistance near the $1,986 area ahead of the key $2,000 psychological mark. The latter coincides with the 23.6% Fibo. level, which if cleared decisively should pave the way for the resumption of the recent strong bullish trajectory.
Gold could then climb back towards the $2,050-$2,055 region and accelerate the momentum back towards the $2,070 zone, or the highest level since August 2020 touched last week.
00:00 Intro
02:11 Gold peak reached?
04:05 Gold support and resistance
04:49 Gold technical analysis
10:45 Recap
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