Red lines -bearish channel
Blue lines- Fibonacci retracements
Gold price reached earlier today our second target at $1,743. Price has reached the 50% Fibonacci retracement and continues making lower lows and lower highs. Our analysis yesterday mentioned the $1,743 price level as the next target. We warned Gold bulls at $1,800 that Gold was vulnerable to a move lower and justified such a pull back at least towards $1,750. Next target is the 61.8% retracement at $1,729. Resistance is at $1,757 and next at $1,771.
