Chart Of The Day: 61.8% Fibo. of 2012/15 downpour questions Gold buyers around $1510

Thu, 08 Aug 2019 13:19

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Despite rising to 6-year high, Gold prices are yet to cross 61.8% Fibonacci retracement of its year 2012 swing highs to 2015 swing lows. Not only key technical level but overbought conditions of RSI also increase the odds for the yellow metal's pullback to 10-week old rising support-line, near $1420 now. Though, recent highs surrounding $1453 can offer intermediate halt to the quote.

On the upside, a successful break of 61.8% Fibonacci retracement level of $1510 needs validation from May 2012 low, around $1528, before heading towards $1550. It should also be noted that the bullion's run-up beyond $1550 can please bulls with March 2013 high close to $1617.

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