Jan. 31 at 12:53 AM
$GOLD: Yesterday's doji candle, characterized by its long wicks, suggested that gold's parabolic upward movement was starting to find a better balance between buyers and sellers. Today, after an initial attempt to rise, gold experienced a sharp decline, dropping by 14% intraday. However, it halted the decline at the 20-day moving average, briefly breaking below it before recovering. The price is currently within the 0.382-0.5 retracement range of the recent upward movement from the October 28 low. If there is follow-through from the bounce off today's low next week, resistance levels can be found at the 10wsma at 5,000 (a round number and milestone) and at 5,095. I expect a rejection in that area. On the other hand, if selling pressure intensifies on Monday, the next significant level to watch is the 0.618 retracement, which aligns with a horizontal support level at 4,540.
