Gold also reaches into Kumo cloud. Remember that Kumo always attrack price, it looks like a cyclone in reality.
If gold breaks 50% Fib retracement : 1285.50
the next target will be : 61.8% fib retracement at 1260.50
Watch the level to trade.
US economic data next week would provide catalyst for sell-off force of GOLD.
Comments
fxtrader66
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I believe metals will continue to sell off. Using fibonacci with time the 78.6 indicated a inflection point in 2013, when Silver broke support at 26. Currently silver is at the end of another triangle that is in confluence with the 78.6 fibonacci time cycle. If history repeats, I am looking for a June/July low.