Tuesday, August 15, 2023
Blue lines- Fibonacci retracement levels
Black lines- downward sloping wedge pattern
Gold price is making new lower lows. Trend remains bearish as price is making lower lows and lower highs. Price has now broken below the 78.6% Fibonacci retracement support level and is heading towards the $1,892 June lows. Price remains inside the downward sloping wedge pattern. Resistance is now found at $1,912. A break above this level would be a first sign of a short-term trend reversal and the start of a bounce. Until then, bears remain in control of the trend.
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