Gold Price Still Sitting at a Big Fibonacci Level
Chart Prepared by Jamie Saettele, CMT
-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.