FX.co ★ Gold 11.11.2019 - Gold near main confulence Fibonacci support level, watch for buying opportunities

Gold is near the critical confluence support level at $1.447-1.441. In my opinion, Gold is still in downward corrective phase and I do expect the new leg up.

Due to strong upward trend in the background, I am expecting new up leg and potential re-test of the resistances at $1.514-1.541. Major support levels are set at $1.447 and $1.441.

Any good bottoming formation around this important Fibonacci confluence (FR 38.2%-FR 61.8% and FE 100%) would set a good buy point with the targets at $1.514 and $1.541.