Gold ready to meet 61.8% Fibo level – Is it good time to sell?

Posted Tuesday, August 21, 2018 by
Arslan Butt • 1 min read

Fellas, gold prices soared on the back of a softer U.S. dollar, extending profits for the third consecutive session. Most of the buyers came in due to retracement in the dollar index after U.S. President Donald Trump said that he was “not thrilled” with the U.S. Federal Reserve for boosting interest rates.

That’s because the stronger dollar makes U.S. products expensive for foreign buyers. Likewise, it makes imports less costly, causing a widening trade deficit.

Gold - 4 Hour Chart

Gold – 4 Hour Chart

Gold is heading north to complete 61.8% Fibonacci retracement at $1,195. We probably can find a selling trade below this level. On the 4 – hour chart, gold has to meet a downward trendline which can provide it a solid resistance near $1,199.

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