Gold - Was in corrective mode last week. Expecting price will consolidate within the green dashed descending triangle. If price breaks down, there is a thinly traded zone between 0.236 and 0.382 fib levels which could expose price to initially to $1450 (0.382) and possibly $1415 (0.5 fib).
On the other hand, we could see a sudden shift to risk-off sentiment, price could easily break to the upside on short notice... Blue trend-line is channel resistance (approx $1530) is significant. Bulls have broken above this level, but have been unable hold the level as support.
0.236 fib level has held as support since August and, although subtlety, bulls have managed consecutive higher lows (candle close) each time this level was tested last week.
Monday is the last trading day of the quarter, could see breakout attempts in either / both directions.
Long-term gold is still bullish.
On the other hand, we could see a sudden shift to risk-off sentiment, price could easily break to the upside on short notice... Blue trend-line is channel resistance (approx $1530) is significant. Bulls have broken above this level, but have been unable hold the level as support.
0.236 fib level has held as support since August and, although subtlety, bulls have managed consecutive higher lows (candle close) each time this level was tested last week.
Monday is the last trading day of the quarter, could see breakout attempts in either / both directions.
Long-term gold is still bullish.
