Forexbluepeaks

Gold next possible move

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
According to Fibonacci retracement market has turned back from its critical value 61% which is right above a very strong resistance at 1848, there's no technical reasons for gold to not reach the immediate target of retracement extension at 23% which is 1875. next possible move can be upto 1887 and further to 1898 (38% and 50%), right below a strong resistance at 1900.80. As per my understandings gold will swing between these two points 1848 (very strong support) and 1900.80 (very strong resistance), if it manages to break 1900.80 resistance then next possible target is around area of 1924, but we have to wait till it crosses 1907(minor resistance) for confirmation.