Violet lines- Fibonacci retracement levels
Since the reversal at $1,910-$1,940 we talked about the potential of a pull back towards $1,800. Gold price is in a short-term bearish trend making lower lows and lower highs. Price has surpassed the 38% Fibonacci retracement of the entire rise since the November 2022 low. Short-term Fibonacci support has broken as well. Next support is the 50% level at $1,787. The RSI is approaching oversold levels but still has not reached that area. Bulls hope for the creation of a higher low and then resumption of the up trend to new highs above $1,960. It is too early to tell if this is a new down trend or just a pull back.
