Gold (XAU/USD) retraced slightly on Tuesday following Monday's strong performance, declining by approximately 0.4% to close near $2,315. Despite recent fluctuations, the precious metal has remained relatively range-bound over the past two weeks, with volatility diminishing during this period, indicating a potential consolidation phase as traders await new catalysts.

The consolidation phase is expected to continue until prices break above resistance at $2,355 or below support at $2,280. A breach of resistance could signal a move towards $2,415, potentially reigniting interest in reaching the all-time high. Conversely, a break below support may lead to a decline towards a significant Fibonacci level at $2,260, with further downside pressure targeting $2,225.

GOLD PRICE TECHNICAL ANALYSIS (May 8, 2024)

May 08 2024

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