FIBO Analysis in time of Uncertain Spikes

2 Dis 2023XAUUSD have crossed the 2070$ level and closed at 2071$.
This indicates the continuity of the uptrend until next week to satisfy two things:
1. When Gold crosses 2090$ level, lots of Stop Losses will be triggered which liquidates million of contracts in just minutes pushing the market downwards from that level.

2. Huge number of funds will be either selling or shorting gold to abide by the basic method of trading of Selling high and buying low.

Lastly, after all the wars in all regions, gold price is determined by the demand. If consumers cannot afford it at the upper price, demand will eventually drop. The vaste majority of the gold and goes to the Faux bijou industry.

That’s just a different way of thinking about gold.