Gold Price Analysis: Key Supply Zone and Fibonacci Retracement L

Supply Zone: The red rectangle at the top indicates a supply zone, where selling pressure is expected. This zone often signifies a resistance level, where the price has previously reversed downward due to an abundance of sell orders.

Fibonacci Retracement Levels: The chart shows key Fibonacci levels (38.2%, 50.0%, 61.8%) used to identify potential reversal or continuation zones. The price is currently hovering near the 38.2% level, suggesting this area could act as resistance or a consolidation zone before the next move.

Trend Lines: The dashed diagonal lines represent potential trend channels or zones of interest that may guide the price movement.

Price Levels: Current price levels are labeled at $2,649.05, with highlighted support at $2,532.48 (red horizontal line at the bottom). This is likely a significant support area, which may act as a barrier against further declines.

Market Context: The recent price action shows a bullish recovery from the lower Fibonacci levels, heading toward the supply zone. Traders might watch for potential rejection at the supply zone or a breakout if the price overcomes this resistance.

This analysis suggests careful monitoring of the supply zone and key Fibonacci levels for trading opportunities, as these zones are critical decision points for price movement.