Gold reversal at 161.80% extension? Wait for the re-test
Non-Farm was lower than the last month (see last gold post) and we have filled our buy targets right on the money as Gold is now struggling as Fib extension 161.80% with a failed break and close below this level Friday.
Gold has scope to go higher however it'll need to close above Friday's high to confirm this.
Right now any failed re-test of the blue zone is a prime selling opportunity with stops above the last high.
The downside is supported by the fact the Dollar Yen finished higher so global risk sentiment is not bearish against the dollar even with the lower pay rolls read.
Gold has scope to go higher however it'll need to close above Friday's high to confirm this.
Right now any failed re-test of the blue zone is a prime selling opportunity with stops above the last high.
The downside is supported by the fact the Dollar Yen finished higher so global risk sentiment is not bearish against the dollar even with the lower pay rolls read.
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