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In previous post we warned traders that Gold price justified a pull back towards $1,950 and maybe lower. In yesterday's analysis we also mentioned that if Gold price were to break below $1,950 and the 38% Fibonacci retracement, we should expect more selling pressure.
Blue rectangle- next major support
Black lines - Fibonacci retracements
Gold price broke below the 38% Fibonacci support and is moving towards our next Fibonacci level (50%) at $1,910. However we should not rule out a deeper correction towards the blue horizontal support and 61.8% Fibonacci retracement at $1,873. Major support remains at $1,750 and as long as price is above this level, we consider this pull back as a counter trend one.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
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