REDATOR Ben Graham Posted Monday at 13:35 REDATOR Report Share Posted Monday at 13:35 Gold is trading around $5,142, around 61.8% of the Fibonacci retracement with a bullish bias. Gold is showing signs of exhaustion, which means a technical correction is likely to occur in the coming days.In case of a technical correction towards the 21 SMA around $5,050, we could expect gold to resume its bullish cycle. In the short term, the instrument could reach the +1/8 Murray located at $5,317.The 61.8% Finonacci retracement represents a continuation of the bearish cycle that might span from $5,600 to $4,400, so this level is likely to be a key point for bears to sell gold.If the bullish cycle continues, we could expect gold to reach +1/8 Murray around $5,317 and could eventually rebound to its all-time high around $5,600.Technically, the $5,160 zone represents a level for a technical reversal, so gold is expected to fall towards the psychological level of $5,000 in the coming days and could even reach the 200 EMA around $4,870.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.