Lets look into gold current movement. We saw a sudden spike in gold price after hitting a recent low of around 1765 price level. After which, we saw a strong BULLISH movement to the current price we are at. Looking at the 2 fib level I have identified, we can see that 261.8% lies around 1975-1985 price level. Also, there is a strong resistance level @1982 price level. This resistance level has been a strong resistance level for gold where I expect some BEARISH pressure to build up at this area. I have identified the supply zone (red area) where I believe BEARISH retracement will take place.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!