Gold chart, Bearish trend + Fibonacci setup
The price of gold could soon test the $1600 level. Since March 2021, gold prices have been in a bearish trend. We see four Fibonacci setups and three pullbacks to certain levels; the fourth pullback has not started yet.
The first pullback was stopped near $2000 at the 61.8% Fibonacci level. After that, we see a drop to around the $1800 level, where the price forms the first lower low.
We set a new Fibonacci, and gold makes a pullback to the 38.2% Fibonacci level at $1880. A new bearish impulse lowers the price of gold by another $200 to $1680.
We set the third Fibonacci, and the price of gold makes a new pullback to the 61.8% Fibonacci level and makes a retest at $1800. Then we see the latest bearish impulse, and based on that, we expect a $200 drop to $1600.
We set the fourth Fibonacci, and our low will be at $1600. And after that, we expect a pullback up to the 38.2% Fibonacci level at $1680.
From here, we can expect a bearish impulse, with a target of $1480.
We saw three price drops of $200 each, $2000-$1800, $1880-$1680 and $1800-$1600 (soon). Each previous lower low coincides with a new lower high.
The first pullback was stopped near $2000 at the 61.8% Fibonacci level. After that, we see a drop to around the $1800 level, where the price forms the first lower low.
We set a new Fibonacci, and gold makes a pullback to the 38.2% Fibonacci level at $1880. A new bearish impulse lowers the price of gold by another $200 to $1680.
We set the third Fibonacci, and the price of gold makes a new pullback to the 61.8% Fibonacci level and makes a retest at $1800. Then we see the latest bearish impulse, and based on that, we expect a $200 drop to $1600.
We set the fourth Fibonacci, and our low will be at $1600. And after that, we expect a pullback up to the 38.2% Fibonacci level at $1680.
From here, we can expect a bearish impulse, with a target of $1480.
We saw three price drops of $200 each, $2000-$1800, $1880-$1680 and $1800-$1600 (soon). Each previous lower low coincides with a new lower high.
