Gold price consolidates further below record high
The spot gold price remains within its long-term uptrend and is still consolidating below last week’s $2,758.00 per troy ounce record high. Above it sits the 261.8% Fibonacci extension of the September 2022 low to the May 2023 advance, projected higher from the October 2023 low, at $3,005.71. The psychological $3,000.00 mark and this technical level represent the next long-term upside target zone for the gold price as long as the $2,605.00 early October low underpins.
Minor support above $2,605.00 can be seen at last week’s $2,709.00 low ahead of its previous September all-time high at $2,685.00 and also along the August-to-October uptrend line at $2,655.00.
