Gold 2.23 Analysis

In the gold price trend, we see that the market has formed several key technical structures during the fluctuation process. First, the gold price is currently approaching the resistance line of $2,935 and has experienced some shocks and pullbacks. According to the Fibonacci retracement line, the current price is near the 0.5 position (about $2,918), which shows that there are certain support and resistance levels in the market.

From a longer-term technical analysis, the gold price shows an upward trend and has recently found a support point near $2,890. The "downward support line" in the figure marks a key support area. If the price falls below this area, there may be further downside risks.

In addition, a head and shoulders pattern is shown in the figure. This technical pattern usually means a reversal signal, especially when the price volatility formed in the right shoulder part intensifies. If the gold price fails to break through the strong resistance near $2,935 and a downward trend occurs, it may test the support line of $2,890 downward.

It is worth noting that the price broke through the 0.382 Fibonacci retracement level of $2,905, indicating that the current upward momentum is relatively strong, but it will face the test of the $2,935 level in the short term. The market is in a fierce competition between long and short forces. If gold breaks through the current resistance line and successfully stands above $2,940, it may continue to challenge new highs.

In summary, there is still a certain degree of uncertainty in the current gold market. Investors should pay attention to the performance of prices around $2,935. If the price fails to break through this position and a correction occurs, it may cause the price to fall. On the contrary, if the price breaks through and stands firm, it may continue to rise. It is crucial for short-term traders to pay attention to the changes in support and resistance levels in real time.