Asset: XAUUSD
Bias: Bearish
Time frame: Weekly
1. Fibonacci retracement low of 13/10/2008 to high of 29/11/2011
2. Fibonacci retracement low 14/12/2015 to high of 11/7/2016
3. Trend line from high of2011 and high of 2016
Next probable gold support seems to be at 1296-1297 zone, and if that is broken then gold may find support at 1248, which is .382% of recent Fibonacci retracement. More obvious support seems to be at 1209 area.
Bias: Bearish
Time frame: Weekly
1. Fibonacci retracement low of 13/10/2008 to high of 29/11/2011
2. Fibonacci retracement low 14/12/2015 to high of 11/7/2016
3. Trend line from high of2011 and high of 2016
Next probable gold support seems to be at 1296-1297 zone, and if that is broken then gold may find support at 1248, which is .382% of recent Fibonacci retracement. More obvious support seems to be at 1209 area.
Commento:
Gold broke the $1296-97 zone and is it heading toward $1248! $1209 is not too far away!
Commento:
Heading up again after visiting well below $1209! Lets see whether this time it breaks the downtrend line!
Commento:
$1209 again!!