Violet lines- Fibonacci retracement
Gold price is trading again around $1,900. Price has skyrocketed since last week's double bottom around $1,800-$1,810. Price has so far retraced 61.8% of the entire decline from $1,960. Price is making higher highs and higher lows in the near term. Volatility as expected has risen and Gold price is breaking one resistance level after the other. At $1,926 we find the next resistance level . It is important for bulls to end the day above the 61.8% retracement and continue to hold above it. This could strengthen the bullish momentum we are currently in and push price back to its 2022 highs.
