Gold reaches key Fibonacci resistance
Gold has rallied into the 76.4% retracement this week, following on from a rebound off trendline support. The wider trend points towards gold pushing upwards through the $1243 mark.
However, we also see the creation of lower highs and lows, which would be negated by a break through $1237. The respect or rejection of the 76.4% retracement will be a notable signal of whether we are set to break through $1237 and $1243. As such, watch for the reaction to this $1228 level as a gauge of whether we are set to respect the wider trend or more recent downtrend.