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Gold below 61.8%

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Gold fell to the lowest price of 1261$ since last December. Prices recorded three losing daily sessions in the last four, rebounded from the psychological level of $ 1300.

Technical Comment: The yellow metal broke the Fibonacci retracement level of 61.8%. As prices are trading below the resistance zone of 1286-1282, may create further bearish momentum towards 1252-1240.

Comment on the Previous Analysis: reached the expected targets of 1286-1265

Expected Daily Trend: Bearish below 1286-1282

 

Important Levels:

Support: 1260 - 1252 - 1240

Resistance: 1270 - 1282 - 1286

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