Gold price is trading around $1,955. Gold today reached a high of $1,963 reaching our first short-term target of $1,960, where we also find the 38% Fibonacci retracement. The 38% Fibonacci retracement is the first important Fibonacci retracement level and important short-term resistance. First try to break above it has failed as price is getting rejected at this resistance level. A break above $1,960-65 would be a sign of strength and would lead price towards $1,980-85.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
Gold price is trading around $1,955. Gold today reached a high of $1,963 reaching our first short-term target of $1,960, where we also find the 38% Fibonacci retracement. The 38% Fibonacci retracement is the first important Fibonacci retracement level and important short-term resistance. First try to break above it has failed as price is getting rejected at this resistance level. A break above $1,960-65 would be a sign of strength and would lead price towards $1,980-85.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: