FX.co ★ XAU/USD, GOLD

Hello traders, regarding the recent changes in GOLD, it can be said that the bears are back in control, pushing the price down to the support at 5057.90, from where it bounced back up. According to my Fibonacci extension-based system, I can say that the price has nicely respected the 61.8 Fibonacci level, not allowing the bears to break below the 50.0 Fibonacci support near the market value of 4956.12. Therefore, I mostly expect a price increase, possibly from the current price of 5081.14 heading towards retesting local highs, but for this to happen, we need a solid close above the resistance at 5095.89. If this doesn't occur, the price could be dragged lower, triggering stop losses for buyers around 5050.75. In fact, a full-fledged rise can only be expected from there, with the price breaking above the resistance at 5419.71. I still have no reasons to sell, as it's likely a trap for sellers. Moreover, the global situation is extremely complex, making it hard to anticipate any significant drop in the price of gold.