Gold FuturesLong
Strong Rally in Gold
Gold has continued to rally, breaking through to the upper 1700's, and reaching our target of 1780. This is the 50% Fibonacci retracement level, which was our target from yesterday's report. A lot of buying momentum has come through for gold, which just a few days ago tested the low 1700's, with a relative low of 1684. As anticipated we are running into resistance here, confirmed by multiple red triangles on the KRI. If we are able to break through the next target is 1800, which is a psychological level and 0.618 Fibonacci level. If we retrace, we should have good support from 1758, the 0.382 Fibonacci level below.
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