Golds turning lower from Fibonacci resistance
Gold is turning lower again this morning, following a rally into the 76.4% retracement yesterday. Crucially, there is additional confidence of a move lower from here given that the last swing high coincides with the head and shoulders neckline at $1257.
With that in mind, it seems likely we will see another move lower from here, with a break below $1241 pointing towards a continuation of the recent downtrend. A break through $1257 would negate this view.