Gold (XAU/USD) experienced a decline on Wednesday, marking its second consecutive session of losses and almost completely reversing Monday's gains. Despite these short-term fluctuations, the precious metal has remained in a sideways trend for the past two weeks. This period of consolidation underscores the current uncertainty in the market, with traders likely awaiting new catalysts before committing to new directional trades.

To break out of this consolidation phase, gold will need to surpass either the resistance level at $2,355 or the support level at $2,280. A breach of resistance could lead to a shift in focus towards $2,415, potentially reigniting interest in reaching the all-time high. Conversely, a breakdown below support may result in a decline towards a significant Fibonacci level at $2,260, with further downside potential towards $2,225.

GOLD PRICE TECHNICAL ANALYSIS (May 9, 2024）

May 09 2024

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