Novaria has some viewpoints on gold that we would like to share with you: The price of gold is currently trading with a slight recovery, up $10 from yesterday, and is currently at $1946.
The Fibonacci retracement indicator, marked by an ellipse, indicates that gold is approaching the perfect levels of 0.5 and 0.618 in the wave 2 recovery phase from wave 1. If gold can bounce back from the 0.618 level, the next recovery phase could reach $1990. On the other hand, gold may still decline further to $1910 before the price uptrend begins.
The Fibonacci retracement indicator, marked by an ellipse, indicates that gold is approaching the perfect levels of 0.5 and 0.618 in the wave 2 recovery phase from wave 1. If gold can bounce back from the 0.618 level, the next recovery phase could reach $1990. On the other hand, gold may still decline further to $1910 before the price uptrend begins.
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