On the chart, we can see retracement levels as follows: 0.7955 (23.6%), 0.7764 (38.2%), 0.7609 (50.0%), 0.7454 (61.8%), and 0.7263 (76.4%). Now, we expect that if the price of gold declines from its peak, it will encounter support at the mentioned Fibonacci levels because many traders will place buy orders at these levels when the price retraces.
Note
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.