We have been watching gold for signs that its current retracement may be coming to an end. It certainly looks like it is getting closer. Monday, saw gold pullback further to eventually find support at a 1,938 low, which completed an 88.6% Fibonacci retracement (1,937). Subsequently, by the end of the day a bullish hammer reversal candlestick pattern occurred.
Strong Support Indicated at Last Week’s Low
There are a couple technical reasons why last week’s low could be an important low for gold and might be the low for some time. The low for the retracement to date occurred at 1,932. That was at the confluence of the long-term uptrend line and the 100-Day EMA. Each a dynamic support line for the developing uptrend. The 100-Day line was tested a second time yesterday as it lines up with the 88.6% retracement area.
𝖷𝖠𝖴𝖴𝖲𝖣 BUY 1955 - 1958💯💯
✅𝖳𝖯1 1963
✅𝖳𝖯2 1967
✅TP3 1970
🛑𝖲𝖫 1950
𝖷𝖠𝖴𝖴𝖲𝖣 SELL 1965 - 1968💯💯
✅𝖳𝖯1 1960
✅𝖳𝖯2 1955
✅TP3 1950
🛑𝖲𝖫 1973
Strong Support Indicated at Last Week’s Low
There are a couple technical reasons why last week’s low could be an important low for gold and might be the low for some time. The low for the retracement to date occurred at 1,932. That was at the confluence of the long-term uptrend line and the 100-Day EMA. Each a dynamic support line for the developing uptrend. The 100-Day line was tested a second time yesterday as it lines up with the 88.6% retracement area.
𝖷𝖠𝖴𝖴𝖲𝖣 BUY 1955 - 1958💯💯
✅𝖳𝖯1 1963
✅𝖳𝖯2 1967
✅TP3 1970
🛑𝖲𝖫 1950
𝖷𝖠𝖴𝖴𝖲𝖣 SELL 1965 - 1968💯💯
✅𝖳𝖯1 1960
✅𝖳𝖯2 1955
✅TP3 1950
🛑𝖲𝖫 1973
