The price of gold is surging again after the retracement from an all-time high. The market structure is once again bullish and the price is making higher highs after dropping to $1,978 for correction. The price also closed above the $2,045 resistance level.

The price formed an inverted head and shoulder(H&S) pattern which is an indication of bullish trend continuation. The price will possibly make a retracement from the 2,070 resistance level to the $2,039 support level.

I am expecting the price will break the latest support of $2,047 which is an obvious level and will take out most retail traders before heading for new highs like it did in the previous correction. The price will likely continue the rally from the $2,039 support level.

Fundamentally, the prospects are strongly bullish on gold as the Feds will be likely cutting interest rates 2-3 times in 2024 which will likely push the price of gold up.

Moreover, the persistence of geo-political tensions and the bearish momentum of the USD index are also pushing the price of gold up.

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