Gold: Price Outlook
While the provisional debt ceiling agreement announced by Biden could weigh on gold, the yellow metal might survive a larger selloff if the spot price sustains above the 50% Fibonacci level of $1,942 an ounce,
“We expect a rebound towards the horizontal resistance zone of $1,975, which if cleared, can extend the recovery towards $2,015.”
On the flip side, a sustained break below $1,942 followed by weakness beneath $1,936 will attract sellers, pushing the spot price down towards the 61.8% Fibonacci level of $1,910,
