Violet lines- Fibonacci retracement levels
Gold price is trading around $1,860. Short-term trend has chanced to bearish as price is now in a corrective phase. Price has already retraced 23.6% of the entire upward move from September lows. Our minimum pull back target is at the 38% Fibonacci retracement at $1,825. The RSI has warned us with bearish divergence signals. The RSI has left the overbought area and is now moving lower. There is still room to the downside in order to reach oversold levels. This leaves Gold price vulnerable to more downside. Over the next sessions we continue to expect Gold to make lower lows and lower highs.
