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Gold Price Still Sitting at a Big Fibonacci Level

Gold Price Still Sitting at a Big Fibonacci Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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