Gold: the next resistance is the 23.6% Fibonacci retracement [Video]

Richard Perry Independent Analyst

Gold

Gold is positioning more positively in recent sessions as a run of higher lows has formed. We have been talking about how gold has been performing well despite a stronger dollar, so if/when the dollar does begin to slip back again, gold is in prime position for renewed upside. And so, with the underlying support for gold growing, a push through initial resistance at $1563 has subsequently been seen today. Daily momentum has been bottoming for the past few sessions, and RSI is now picking back up into the high 60s, whilst Stochastics also look to be crossing higher again. Looking at the hourly chart there is a positive bias forming to momentum, with MACD lines consistently above neutral now and RSI looking to push into the 60s. Support is with the breakout of $1563 and then $1555/$1558, with a pivot support at $1546 now a marker for the bulls. The next resistance is the 23.6% Fibonacci retracement (of $1445/$1611) at $1572, above which is effectively a full retracement to $1611 again.

Author

Richard Perry

Independent Analyst

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