Gold at new ATH $2,892: A resistance likely at $2,895 before further upside
|-
Gold records new All Time High at $2,895.
-
A short term resistance sits at $2,895.
-
Some retracement to support base likely.
Gold continues to attract safe haven buying as $2850 provided strong upmove triggering sharp rally to $2892, a short distance from immediate resistance $2895 according to fibonacci extension as the metal trades into unchartered territory.
A short term pllback from the mentioned resistance zone can hardly be ruled out and 4 Hourly close below $2880 would be the 1st sign of retracement taking shape.
Immediate support is seen located at $2875-$2870 followed closely by $2865 & $2856.
If sellers intervene breaking $2856-$2850, expect a deeper retracement to $2835-$2830.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.