Gold Price Analysis: Harmonic patterns emerge in the gold market
|- Gold is trading 0.23% higher on Friday erasing earlier losses.
- It seems either there was some profit taking or NFP bears around earlier.
Gold 1-Hourly Chart
The price of gold fell from its daily peak of $1,690.04 after the Non-Farm Payroll data earlier in the session.
Now it seems the price found some support at the 38.2% Fibonacci retracement.
The candle also managed to close above the 261.8% Fibonacci extension and trendline.
This also confluences with a support zone at $1.653.83.
Now it seems the price might be edging back toward the highs but if the Fibs keep working the 76.4% level ($1,678.34) could be the new 1-2 wave low from an Elliott wave perspective.
If the bulls win the battle then $1,720.00 is the 1.618% extension to the upside.
-637191196724591240.png){kind=link}
Additional Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.