Gold approaching major resistance, potential upcoming reversal!

9 בינו׳ 2018

Gold continues to inch upwards towards major resistance at 1332 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) and a strong reversal could occur at this level to drive price down to 1294 support first (38.2% Fibonacci retracement, horizontal pullback support) before 1272 support (61.8% Fibonacci retracement, horizontal support).

Stochastic (34,5,3) is seeing major resistance at 99% where a potential corresponding drop could occur.


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