GOLD is Supported at 61.8 Fibonacci Level

The Gold made a huge push to the upside reaching 1356 zone before it dropped to 61.8 fibonacci and W L4 confluence. At this point the Gold is at crossroads. There are two possible scenarios. The price could spike from the POC zone 1323-1326 towards 1335 and 1342. In that case a clear 4h close above 1342 is needed for a further push towards 1356. The second scenario is the breakout and close below W L4 -1323. The drop could target 78.6 and 88.6 fibs at 1317.76 and 1312.81 respectively.

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.