Violet lines- Fibonacci retracements
Gold price has risen as high as $1,913. Short-term trend remains bullish. Price is now trading just above the 61.8% Fibonacci retracement and is turning lower. A rejection at the 61.8% level would be a bearish sign. A pull back towards the previous high at $1,857-60 is very probable. The RSI has reached overbought levels and is turning lower. Is this the end of the upward move that started at $1,808? There are increased chances of a pull back from current levels. Over the next few sessions we will have more information on whether we should expect more upside or the bounce was just a counter trend move.
