After the strong rally breaching our weekly midrange resistance (1400) and reaching the highs of (1437) for a second time price fell back down to (1400) level
after Fridays job reports. I am expecting gold to continue it`s upward momentum, but before we see that a retracement back down to (1370) will be reasonable.
A FIB application on the daily time frame from Point A (1278.97) to Point B (1423.99) gives us a good indication of a retracement. 38.2 and 50% level are the two Fibonacci level to keep an eye on. One good reason is because the two levels align perfectly with the monthly resistance zone price breached before reaching weekly midrange resistance (1400).
A retracement to (1368) is would be a good area to buy gold with a target at (1463) below monthly resistance (1474).
after Fridays job reports. I am expecting gold to continue it`s upward momentum, but before we see that a retracement back down to (1370) will be reasonable.
A FIB application on the daily time frame from Point A (1278.97) to Point B (1423.99) gives us a good indication of a retracement. 38.2 and 50% level are the two Fibonacci level to keep an eye on. One good reason is because the two levels align perfectly with the monthly resistance zone price breached before reaching weekly midrange resistance (1400).
A retracement to (1368) is would be a good area to buy gold with a target at (1463) below monthly resistance (1474).
