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In February 2024, the price of gold around $5,500 I had predicted that its peak would occur; it's best not to chase long positions. Now, $4,200 has become a strong resistance. The correction from the peak reached 38%. If it effectively breaks below $4,000, the downside room opens up to $3,800–$3,500. This correction fully follows the Fibonacci retracement pattern.
In the past four years, gold experienced a strong long-term bull run, supported by ongoing geopolitical risk escalation such as the Russia-Ukraine and Israel-Palestine conflicts. However, after the outbreak of the US-Iran conflict in late February 2026, gold prices immediately peaked. The point is that conflict drives oil prices up, funds shift, so gold and oil are like a seesaw; now the Middle East situation has eased, coupled with consecutive years of gains, putting gold prices into a cyclical correction phase.$XAUT

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