Gold: the market back up from 38.2% Fib again

Richard Perry Independent Analyst

Gold

Is this the point at which we begin to see gold finding its feet once more? The sharp unwind of the bull run to $1610 has already unwound 38.2% Fibonacci retracement (of the $1445/$1610) around $1548 and the gold bulls began t look more confident again on Friday with a positive candle that has taken the market back up from 38.2% Fib again. It is also interesting to see the positive candle of Friday forming an uptrend of the past three weeks (which comes in around $1548 and which coincides with the 38.2% Fib again). Gold became extremely overbought recently and a retracement was a natural consequence, but once the bulls dusted themselves off, the outlook remains positive. Once the support looks to be solid, then the confidence levels will grow again. Friday’s high of $1563 is initial resistance now. A move back under $1540 would open for a deeper correction, but for now, this is a consolidation developing.

Author

Richard Perry

Independent Analyst

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