Gold price is trading above $1,945. Price is bouncing higher in what it seems to be a counter trend corrective bounce with respect to the decline from $2,070 to $1,894.
Gold price has not reached the 38% Fibonacci retracement yet. This is the first bounce target. This is also important short-term resistance. In order for Gold price to reach the 61.8% level, bulls need to show signs of strength and break above $1,963 and the 38% Fibonacci level. Support is found at recent lows at $1,919. A 4 hour candlestick close below this level, will be a bearish signal and will increase the chances of Gold falling below $1,894.
