Gold price is trading above $1,800 and continues to respect the recently broken resistance which is now support. Price has made a reversal from the 61.8% Fibonacci retracement of the entire rise from $1,677 to $1,916. This could be a major low if price continues making higher highs and higher lows.
Blue lines - Fibonacci retracement levels
Gold price is highly probable that has made a major higher low at $1,677 and is starting its next leg higher towards $2,000. This scenario will be confirmed when and if price breaks above the last important high of $1,916. Bulls risk is now for price to break below $1,750. Only a break below this level will put the bullish scenario in danger. Until then we are cautiously bullish.
