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15.03.2022 02:27 PM
Short-term analysis on Gold.

In previous post we warned traders that Gold price justified a pull back towards $1,950 and maybe lower. In yesterday's analysis we also mentioned that if Gold price were to break below $1,950 and the 38% Fibonacci retracement, we should expect more selling pressure.

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Red rectangle- horizontal support (broken)

Blue rectangle- next major support

Black lines - Fibonacci retracements

Gold price broke below the 38% Fibonacci support and is moving towards our next Fibonacci level (50%) at $1,910. However we should not rule out a deeper correction towards the blue horizontal support and 61.8% Fibonacci retracement at $1,873. Major support remains at $1,750 and as long as price is above this level, we consider this pull back as a counter trend one.

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