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Gold rallies into Fibonacci resistance
Gold has seen an incredible reversal of fortunes, with the bullish outlook finally paying dividends following a bounce from the $1300-$1307 support zone. Interestingly, we have seen price rally into the 76.4% retracement and it currently turning lower.
Given the creation of lower highs on the wider perspective (the peaks utilised for the descending trendline) there is a chance we will see another move lower soon enough. The wider outlook remains bullish and as such, the breakout from this pattern would be expected to come to the upside.
For this to occur, we would need an hourly close above the $1357 and $1367 swing highs. Given the current overbought scenario and continued lower highs, there is a good chance we will see a move lower today.