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.
