STRONG consolidation on 1964.8, waiting to be broken...
From a technical point of view, the GOLD is consolidating at 61.8% Fibonacci level (see the blue rectangle) :
- If the rectangle is broken from above, the market will surely reach the 78.2% Fibonacci level (2212.6).
- If it is broken from below, the market is expected to pullback on the yellow line that tells us the history of the GOLD since the year 2000, if it breaks the orange dotted line which is a recent support.
Focus on volumes, the gold these days is very debated so a speculative bubble could quickly occur.
- If the rectangle is broken from above, the market will surely reach the 78.2% Fibonacci level (2212.6).
- If it is broken from below, the market is expected to pullback on the yellow line that tells us the history of the GOLD since the year 2000, if it breaks the orange dotted line which is a recent support.
Focus on volumes, the gold these days is very debated so a speculative bubble could quickly occur.