Gold Price Still at the Fibonacci Level…Still Under Pressure
Chart Prepared by Jamie Saettele, CMT
-The 2011-2012 trendline was resistance after the election. Gold continues to trade around the 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 resistance and needs to give way in order to turn positive for something bigger. Until then, additional downside can’t be dismissed into the 1120s or so.
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