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Gold Price Still Sitting at a Big Fibonacci Level

Jamie Saettele, CMT

DailyFX.com -

Daily

Gold Price Still Sitting at a Big Fibonacci Level
Gold Price Still Sitting at a Big Fibonacci Level

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The 2011-2012 trendline was resistance after the election. Gold has now retraced 61.8% of the rally from the December 2015 low, which is a natural level for the market to react. 1200-1225 is near term overhead and needs to give way in order to turn positive for something more. Until then, additional downside can’t be dismissed.


original source

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