Looking at the 4h-timeframe chart of Gold, the following can be observed: the price is pulling back to re-test the 1658 - 1659 area of previously penetrated support which now serves as a zone of resistance. The same area nicely lines up with the 0.786 Fibonacci retracement level.
Once that specific key zone is reached, we are looking into closely monitoring the price action and eyeing possible short positions.
The initial target is plotted on the graph.
Happy November!
Once that specific key zone is reached, we are looking into closely monitoring the price action and eyeing possible short positions.
The initial target is plotted on the graph.
Happy November!