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Gold prices rallied through the $1,849 high in the late New York session on Thursday before pulling back. The yellow metal has hit its initial Fibonacci extension around the $1,846-47 mark as projected on the 4H chart here.Since then, prices have drifted sideways within a potential expanded flat as bulls prepare to take on the next target around $1,857.
Gold prices have the potential to push through $1,865 in the near term before producing a meaningful correction. Also, note that resistance around $1,858-60 would be taken out next as bulls are poised to remain in control. The yellow metal had carved a meaningful downswing between $1,998 and $1,786 earlier, which is being retraced now.
Gold prices are potentially heading towards $1,865 and $1,920 in the next few trading sessions. Besides, note that $1,920 is close to the Fibonacci 0.618 retracement of the above drop. Bears will be poised to come back in control thereafter and continue dragging lower towards $1,676 and $1,450 going forward.
Potential rally through $1,865 and $1,920 against $1,780, then lower.
Good luck!
¡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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