Technical analysis: According to Fibonacci retracement 1877 is the retracement point and the next immediate target is 1986 which is 23% and next is 1907 which is 38%, while keeping in mind 1900.80 which is a strong resistance. other then that as the Bearish momentum on Daily chart failed after the 1,872 Bottom. Main reasons for current configuration are:
1) Fed kept the rates same and announced that they will keep the plan as it is and as result the temporary bearish momentum broke out, which added significant Buying pressure on Gold
2) Various announcements are making Gold gradually testing the 1,900.80 resistance which is a psychological barrier.
i will say that gold is in bullish mode in medium term.
1) Fed kept the rates same and announced that they will keep the plan as it is and as result the temporary bearish momentum broke out, which added significant Buying pressure on Gold
2) Various announcements are making Gold gradually testing the 1,900.80 resistance which is a psychological barrier.
i will say that gold is in bullish mode in medium term.