XAUUSD is approaching our resistance at 1308.29 (horizontal pullback resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1299.48 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support). Stochastic is also approaching resistance...
Believe it or not, the structure unfolding now could be pointing towards $1183 potential bottom in Gold (short term). The yellow metal broke below its lower degree triangle consolidation yesterday and touched $1189, before pulling back higher. A fibonacci extension of the drop between $1211 and $1192 earlier is converging well with the previous support (wave iv),...
Gold -0.22% dropped towards $1188 levels yesterday before reversing sharply back towards $1200 handle. The yellow metal is seen to be trading at $1194/95 levels at this point in writing and could be looking to push through higher levels going forward. A simplified wave count has been depicted on the hourly chart indicating the potential termination of Wave B at...