Friday's overwhelmingly good data across the board has melted gold and we finally broke out of the one month consolidation low as highlighted in the purple box on the chart. For now, given that 1758 held for the time being, it's possible for us to head up from here for retracements based on the fib levels as indicated.
For now, the maximum that I can see it retracing up to is 1785. Bulls will only have a fighting chance if they can break above the yellow line that it had broke earlier today. Otherwise, we would still be heading down in the mid term. Traders would be suggested to pay attention to next week, if 1758 gives way, we're potentially heading down towards 1750 for another downwards leg. And if 1750 gives way as well, we will tumble all the way down to 1730s. Hence please exercise caution and sl. Good luck
For now, the maximum that I can see it retracing up to is 1785. Bulls will only have a fighting chance if they can break above the yellow line that it had broke earlier today. Otherwise, we would still be heading down in the mid term. Traders would be suggested to pay attention to next week, if 1758 gives way, we're potentially heading down towards 1750 for another downwards leg. And if 1750 gives way as well, we will tumble all the way down to 1730s. Hence please exercise caution and sl. Good luck