In previous analysis I mentioned that if Gold Spot price break out the initial target at Fibonacci level 61.80%, then there wil be a strong bullish movement towards the Major Resistance at 1611 price area and Fibonacci level 100%.
This momentum oficially confirmed today. Price tends to come back to these levels before continuing the predominant trend. Fibonacci extension levels indicate levels that the price could reach after an initial swing and retracement and this exactly happened at the 61.80% level when the price bounced off of this level and continued its bullish movement.
RSI contributes by crossing over its MA12. Next Target (if we don't see a pullback) the breakout of Resistance in the area of 1700.
This momentum oficially confirmed today. Price tends to come back to these levels before continuing the predominant trend. Fibonacci extension levels indicate levels that the price could reach after an initial swing and retracement and this exactly happened at the 61.80% level when the price bounced off of this level and continued its bullish movement.
RSI contributes by crossing over its MA12. Next Target (if we don't see a pullback) the breakout of Resistance in the area of 1700.