Something we monitor in the gold market is Fibonacci retracements at various levels.
One curious development a few days ago showed gold exactly touching the second fib fan level at $1201.50 in oversold conditions.
Non-farm payrolls data comes in Friday morning, and a Federal Reserve announcement is due mid month.
Let's see how this plays out. Our suspicion is that gold is only taking a short break from its big up move and is winding up again. Will it get the catalyst it needs?
One curious development a few days ago showed gold exactly touching the second fib fan level at $1201.50 in oversold conditions.
Non-farm payrolls data comes in Friday morning, and a Federal Reserve announcement is due mid month.
Let's see how this plays out. Our suspicion is that gold is only taking a short break from its big up move and is winding up again. Will it get the catalyst it needs?
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