Gold seems to have held a very important fibonacci retracement here at the exact half way market (50% fib) of the 2008 lows and 2020/2022 highs. Whilst the break under the major $1680 support level was a major dent in the chest of the bulls, the market will need to reclaim $1680 in my view before the bulls can take back any sort of control. $1680 is also interestingly the same level where we find the 200 week simple moving average. Whilst below $1680 risk still remains for a move down to $1500 so the bears are still in control, but lets see how the battle plays out at the half way market (50% fib mark).
Comment:
Nice reclaim from the bulls, back above $1680 this is looking very bullish now IMO
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