Blue lines- Fibonacci retracement levels
Gold price is under pressure once again. Price is making new lower lows relative to the previous trading sessions. As expected Gold price is pulling back and is now approaching our first pull back target at the 38% Fibonacci retracement around $1,930-34. The entire upward move from $1,809 is complete. We are now in a corrective phase and our minimum pull back target was the 38% Fibonacci retracement level. Bulls would ideally want to see price for a higher low around the 50% and 61.8% retracement area before starting a new leg higher.
