Michael_Macdonald-XATSUK

Gold stabilising around Fibonacci supports

OANDA:XAUUSD   Gold Spot / U.S. Dollar
The anticipated test of the USD1124.50 retracement has been seen, with prices showing signs of stabilisation above the USD1122.35 low of December, as oversold momentum unwinds and the bearish Tension Indicator (not shown) flattens.

In the coming weeks, short-covering is expected to prompt a corrective bounce, with a break above the USD1165.75 high of 12 December targeting the USD1173.00, (23.6%) retracement of the November-December fall. Extension towards the USD1187.70 high of December cannot be ruled out, but any further gains are expected to settle into consolidation, as bearish background studies keep investors cautious.

A close below USD1122.35, however, will delay gains, and open up congestion around USD1100.00

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