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Gold prices are bid today as the yellow metal extends a bounce from a key area of support on the chart. The zone from 1763-1766 was looked at a couple of weeks ago. This area contains two different Fibonacci levels and when it came into play in late-November, it helped to bring buyers back into the mix, and that led into a bounce that entailed a run of more than $200 in a little over a month as buyers backed the bid coming into 2021.
But New Year price action hasn't been all that friendly to Gold bulls, as a downdraft developed in January that's lasted through the bulk of February. Last Thursday saw prices develop a fresh seven-month-low, temporarily testing below this confluent zone of support; and bulls have since come back into the matter to push prices back above the 1800 psychological level.
The bulls could extend control towards the $1820 round number, above which the resistance at $1825 could be challenged
Should the downside pressure regain momentum, a test of the November lows at $1766 would be back on the table. Also, the seven-month lows at $1761 could be at risk.
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