Gold near Fibonacci resistance
Gold has been trading in a lower top lower bottom formation on the daily chart since the last couple of months. It currently stands at the 23.6% Fibonacci resistance of the decline experienced from 6th Jan to 8th March; further RSI in sell mode supports the bearish view. It is likely that gold could decline towards $1,710 and $1,700 while it sustains bellow $1,750.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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