Gold technical perspective |
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Emmanuel asked about gold, and as I told you, I found out Fibonacci is the best tool I have there. Take a look at this 4 hours charts: the metal is fighting around the 50% retracement of last daily rally, so today close will under that 1126 level or even better, closer to 1120, will suggest further falls to the 1102 area, 61.8% of the same rally. I read also some rumors, about India and China central banks ready to buy between 1050/1080 so pay attention to that levels also. Anyway, are just rumors. To the upside, first resistance lies around 1136, followed by the 1150 area, 38.2% of the same rally. Above that level, expect more appreciations in gold.
Filed under: Forex Advisor
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