Gold continues decline, moving towards Fibonacci support
Gold has continued its decline, with the break below trendline support on Friday sparking a sharp deterioration in the price. On the wider timeframes, we have set higher lows since the turn of 2016.
Thus, there is a good chance we could see the buyers come back into play around the 76.4% retracement ($1267). With that in mind, further downside looks likely, with the reaction at $1267 crucial in determining whether we are set to start turning higher again or not.