Novaria greets you all! Gold has declined over the past week, but today, on the final trading day of the week, the price has rebounded after receiving positive news yesterday evening.
Currently, the price of the precious metal is trading around $1960 USD and is receiving support from the level of $1950 USD, as previously analyzed. Using Fibonacci analysis after the completion of the downward wave (wave 1), the next recovery phase or corrective wave, according to Dow Theory, is taking place with an expected indicator level ranging from 0.5 to 0.618 (approximately $1973 - $1980 USD), as marked in the analysis.
Currently, the price of the precious metal is trading around $1960 USD and is receiving support from the level of $1950 USD, as previously analyzed. Using Fibonacci analysis after the completion of the downward wave (wave 1), the next recovery phase or corrective wave, according to Dow Theory, is taking place with an expected indicator level ranging from 0.5 to 0.618 (approximately $1973 - $1980 USD), as marked in the analysis.
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