Is the Gold retracement done?

Gold has fallen a fair bit from the highs in August. Is this the end of the upmove or a retracement in this upmove?

See the chart below. On applying Fibonacci retracements from the March lows to the August highs we can see that Gold has not yet broken the 38.2% region.

A break of the 38.2% region which is around 172 can set up a move targeting the 50% retracement at 166. If either of these levels hold and Gold takes out the August highs it is bullish and sets up higher targets for Gold in the coming months.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: