Gold markets fell after initially trying to rally on Friday, as we continue to bounce around the $1200 level. The 38.2% Fibonacci retracement level
Gold markets fell after initially trying to rally on Friday, as we continue to bounce around the $1200 level. The 38.2% Fibonacci retracement level continues to offer quite a bit of volatility as well, but I think more importantly we have formed a shooting star on the weekly chart, and a breakdown below the $1200 level should send this market much lower. If we can break out and to a fresh, new high, the market should then reach towards the $1230 level which is the 50% Fibonacci retracement level. A strengthening US dollar continues to work against the market.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
