logo

FX.co ★ Gold finds support at key Fibonacci level and cloud support.

Gold finds support at key Fibonacci level and cloud support.

Gold price is bouncing off the $1,835-42 area where we find the lower cloud boundary and the 61.8% Fibonacci retracement of the entire upward move from $1,763 to $1,958. Gold bulls are so far supporting Gold. Bears need to show more signs of strength.

Gold finds support at key Fibonacci level and cloud support.

Blue rectangle - resistance

Gold price is reversing the downward move around the key Fibonacci support level at $1,835-42 area. This is major support. A daily close below $1,835 will open the way for a new lower low towards $1,800-$1,790.

See also: Start Forex trading with a European level broker!
Gold finds support at key Fibonacci level and cloud support.

Gold bulls are respecting the lower cloud boundary. Price is bouncing off of it. However it is important for bulls to break above the cloud and stay above it in order to remain in control of the trend. Breaking below the Kumo (cloud) will be a bearish sign.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account