Gold price is now testing major resistance area at 1261 (23.6% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) and this is a key inflexion level. A strong reaction could occur at this level with the next major resistance at 1272 (Fibonacci retracement, horizontal pullback resistance, breakout resistance level) and our next major level of support at 1237 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 96% where a strong reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is seeing major resistance at 96% where a strong reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results