After a clear rally, Gold finally reached the support again. Almost every gold trader has the level of 1,300 on the screen and in this area, there is an enormous number of orders, on the one hand stops for all traders that are already long positioned, but also pending orders for long trades. In addition, the level of 1,300 hits the 38 Fibonacci level. Every healthy and strong trend corrects very often to this level.
If the level of 1,300 breaks, it could go down with strong momentum. More likely in the current environment is a bounce at this price level and a rising gold price afterward.
If the level of 1,300 breaks, it could go down with strong momentum. More likely in the current environment is a bounce at this price level and a rising gold price afterward.