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Gold retracement brings buying opportunity
Gold has pulled back into Fibonacci support, providing a potential buying opportunity for a rally towards the second half of the week. The decision on whether to use the $1317 swing low or wider $1307 level is a case of risk appetite.
Interestingly, we can see the 76.4% of the shorter move coincide with the 61.8% of the wider move. Both of which have been hit. As such, it is likely we will begin to turn higher in line with the wider bullish trend in place for gold. A break below $1307 would negate this bullish outlook.
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