Gold and bearish pressure

30 באוק׳ 2022

Last week's high was at the $1675 level, after which the price of gold made a pullback to the $1640 level. Gold could now revisit the $1615-$1620 support zone. A longer stay in this zone could increase the pressure on the price, which would lead to a probable drop to $1600. For a bullish option, we need a return to the $1675-$1685 zone, where with a new bullish impulse, we could advance to $1700.
If we look at Fibonacci, the pullback to 50.0% is insufficient to bring us back to the bullish route.