Gold clearly established a downtrend that does not seem to be over, at least there are no clear signs of a trend reversal. The gold price rejected 50 Moving Average several times and then made a new lower low.
Fibonacci applied to the corrective wave up where 50 Moving Average was rejected shows potential downside targets. Consider selling gold at the current price (1162) targeting 161.8% (1144), 261.8% (1116) or 361.8% (1090) Fibonacci retracement level. Suggested stop loss is 1195.
Support: 1144, 1116, 1089
Resistance: 1160, 1187
