Gold Price Analysis: Harmonic patterns emerge in the gold market

Gold is trading 0.23% higher on Friday erasing earlier losses.
It seems either there was some profit taking or NFP bears around earlier.

Rajan Dhall, MSTA FX Daily

Gold 1-Hourly Chart

The price of gold fell from its daily peak of $1,690.04 after the Non-Farm Payroll data earlier in the session.

Now it seems the price found some support at the 38.2% Fibonacci retracement.

The candle also managed to close above the 261.8% Fibonacci extension and trendline.

This also confluences with a support zone at $1.653.83.

Now it seems the price might be edging back toward the highs but if the Fibs keep working the 76.4% level ($1,678.34) could be the new 1-2 wave low from an Elliott wave perspective.

If the bulls win the battle then $1,720.00 is the 1.618% extension to the upside.

Additional Levels

XAU/USD

Overview
Today last price	1675.36
Today Daily Change	2.02
Today Daily Change %	0.12
Today daily open	1673.34

Trends
Daily SMA20	1608.67
Daily SMA50	1576.88
Daily SMA100	1527.5
Daily SMA200	1490.13

Levels
Previous Daily High	1674.68
Previous Daily Low	1633.98
Previous Weekly High	1689.4
Previous Weekly Low	1562.94
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1659.13
Daily Fibonacci 61.8%	1649.53
Daily Pivot Point S1	1646.65
Daily Pivot Point S2	1619.97
Daily Pivot Point S3	1605.95
Daily Pivot Point R1	1687.35
Daily Pivot Point R2	1701.37
Daily Pivot Point R3	1728.05

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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