Monday, November 13, 2023
Blue lines- Fibonacci retracement levels
Gold price is trading around $1,940. Gold price has reached the $1,900-$1,930 area which was our first pull back target since the decline and break of support at $1,980. Currently price seems to find support above $1,900 with a low today at $1,920.Gold price has retraced more than 38% of the upward move and price is starting the week with a bounce higher despite the intraday lower low. This price behaviour suggests support is important here. Short-term resistance is at $1,965. As long as we trade below this level, bears remain in control of the short-term trend. A break above this level will open the way for a bigger bounce towards $1,980-$2,000.
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