From the yearly lows of $1451.10, GOLD hasn't tested the 0.382 fibonacci retracement. With the price recently broken off a bearish flag pattern on the smaller timeframe, price is expected to test the said level soon. 38.2%-50.0% retracement level would be a favourable level for buyers to step in.
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Price has broken the 38.2% level. We could anticipate more shorts to come if price decides to retrace back to the marked area, targeted areas would be the next level of 50.00%. A strong close above the 38.2% would indicate a strong bullish bias, daily has also tested its 200 Daily EMA.