RLinda ! GOLD-> testing of support and Fibo levels 0.618, 0.5
Gold is down $43 from yesterday's high. A technical pullback is forming to the key support level of 1765.
Gold is in an uptrend channel. The price is still respecting the range boundaries and pulling back to the important support at 1765. There was a touch last night. Also, slightly above the support of 1765 is the key Fibonacci level of 0.5, which is a strong enough reason to wait for a pullback in the price.
Since the price is near the support zone of the uptrend, I expect price growth in the short term. The short-term target is the resistance of 1807.96. Medium-term potential -1858 and 1869.
Regards R.Linda!
Gold is in an uptrend channel. The price is still respecting the range boundaries and pulling back to the important support at 1765. There was a touch last night. Also, slightly above the support of 1765 is the key Fibonacci level of 0.5, which is a strong enough reason to wait for a pullback in the price.
Since the price is near the support zone of the uptrend, I expect price growth in the short term. The short-term target is the resistance of 1807.96. Medium-term potential -1858 and 1869.
Regards R.Linda!
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