After a strong move up Gold corrected down and found a support near 38.2% Fibs (1283). Currently, the Yellow Metal trading right at the 50 and 200 Moving averages which should act as a very strong support.
This could result in another wave up to test 61.8% Fibs and potentially go higher if broken. Consider buying Gold at the current level 1,286 targeting 1,309. Suggested stop loss is 1,273.
Support: 1,283
Resistance: 1,296, 1,309
