The rally since the beginning of last week fits into the Fibonacci retracement pattern, having lost upward momentum as it approached the 61.8% level of the initial decline. Confidence in gold's further decline will be boosted by a quick return below the 200-day average, now above $1910. The final confirmation of this pattern would be a return to August's local lows at $1885, opening the way to $1820.
While gold's near-term bias remains somewhat bearish, the outlook could become more benign if prices manage to clear a key barrier, stretching from $1,925 to $1,930 soon. If this scenario plays out, bullish momentum could gather pace, setting the stage for a rally toward trendline resistance at $1,950.
While gold's near-term bias remains somewhat bearish, the outlook could become more benign if prices manage to clear a key barrier, stretching from $1,925 to $1,930 soon. If this scenario plays out, bullish momentum could gather pace, setting the stage for a rally toward trendline resistance at $1,950.
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