Gold Rejects the $1800's

15 août 2022

Gold has rejected higher levels, and retraced to support. Recall that we are in a previous value area between 1795 and 1815, which coincides roughly with the 0.618 Fibonacci level at around 1800. We should see support from the lower bound at 1795, and potentially pivot and test 1815 again. This level should provide formidable resistance, confirmed recently by multiple red triangles on the KRI. If we fail to muster the strength to pivot from current levels, then we should see support around 1780, the 50% Fibonacci retracement level.