FxWirePro: Gold forms double top at 61.8% retracement
Pattern formed – Double Top Major resistance- $1310 (61.8% retracement of $1352.57 and $1241.50) The yellow metal jumped sharply till $1307.99 on 2nd Nov 2016 on account of uncertainty over US elections and weak U.S doll…
Major resistance- $1310 (61.8% retracement of $1352.57 and $1241.50)
The yellow metal jumped sharply till $1307.99 on 2nd Nov 2016 on account of uncertainty over US elections and weak U.S dollar.
Gold breaks psychological resistance $1300 but it’s upside capped by 61.8% fibo level. Any break above 61.8% confirms further bullishness. Any violation above $1310 will take the yellow metal to next level till $1314 (21- W MA)/$1322 in the short term.
On the lower side, major support is at $1285 (34- day EMA) and any break below targets $1278/$1260.
It is good to sell on rallies around $1300-$1302 with SL around $1310 for the TP of $1285/$1278
