Gold where to? |
|
You know I’m mostly a Forextrader, and a studier of the behavior of major pairs. I have studied during years that behavior, and I started watching more seriously gold charts just a few months ago. I found out that technical indicators are not the best tool to apply here at least not for me, but gold works pretty fine with Fibonacci (that’s a tip from our old friend CVJ that has traded gold for long. Tks CVJ!) Anyway, gold has been retreating to Fibonacci levels after each rise, and this time is no exception: downside rally reached exactly the 50% retracement of the last daily upside leg, and we are going slowly to the upside with 1150 level as immediate resistance to watch, as it represents the 38.2% of that rally. If gold regains that level, we are probably going to see further strength in the metal. 1102 and 1070 are key supports to watch if we break under today’s low.
Filed under: Forex Advisor
Latest Posts
- Today’s Live Show: What’s in Store for the EUR in a Crucial Week Ahead?
- Comprehensive FX and Futures Daily Commentary
- Many markets are unstable at current levels
- Many markets are unstable at current levels
- Jobless Claims Fall Slightly, Labor Market Has Stabilized
- Market rates set to head upwards
- The Financials: market is down before the open on fears of bank reform and Greece’s issues
- Canada: Retail sales up 0.7% in January
- Best pair to trade now II: EUR/USD
- EUR/USD: No time for reversal yet
- Chart EUR/CHF Update: Support at 1.4340/50
- March inflation forecast now reads 1.4% yoy
- The U.S. dollar rallies for the third day
- Stock Traders focusing on Quadruple Witching
- U.S. Dollar strengthens Overnight; Risk Aversion Highlighted