Gold Open to Dip-Buying?
Everyone’s favourite yellow metal (spot gold [XAU/USD]) ended Wednesday at session lows, extending the retracement slide from recent all-time highs of $2,450. This opens the door to possible dip-buying opportunities at the 61.8% Fibonacci retracement ratio at $2,343, a level complemented by a local trendline resistance-turned-potential support extended from the high of $2,431 and an ascending support line, taken from the low of $2,149.
In the event that buyers make a stand at current support, the precious metal could be looking at fresh record highs in the not-so-distant future.
In the event that buyers make a stand at current support, the precious metal could be looking at fresh record highs in the not-so-distant future.
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