opentrader08

Gold at a key moment to move forward

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello Traders. Hope you are doing well out there.

As I look at gold , i see that it respects very well the Fibonacci levels (as you can see it on the chart) and that makes me believe that if the 50% level holds and gold closes above $1877 then we will see price advancing towards $1920 where the next Fibonacci level is. In extension we can see gold also above $1960 in the next few days.

The other scenario, if gold drops bellow the Fibonacci ($1877 ) then we can see the price moving down towards $1833 and from there that could be a very good entry point for longs.

I hope that this helps you somehow to get a better understanding of gold movements. Stay safe out there and keep your exposure in check.

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