Gold Price Tests Brexit Low
Chart Prepared by Jamie Saettele, CMT
-Gold is playing the Fibs (or the Fibs are playing gold). The 38.2%, which was resistance in January, has been support in February. 1250 (50%...not a Fib but a decent reference point) is the Brexit low and is being tested now (new video on copper and gold) so I’d take seriously any negative reaction. The 61.8% of the drop from the 2016 high and 2 equal legs up from December cluster at 1277/79 and is the next big upside objection.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.