Gold Testing 50% Fibonacci Retracement – Safe Haven Appeal Kicks in
Gold has completed the 50% retracement at $1,216. At the same time, 50 periods EMA is extending a solid resistance to gold near $1,216....
The bullion market is finally gaining some bullish momentum over geopolitical tensions. Investors moved to safe-haven assets amid fears of a turbulent departure for Britain from the European Union. Moreover, the US dollar mostly remained weaker despite stronger than expected retail sales figures from the United States.
On the technical side, GOLD has completed the 50% retracement at $1,216. At the same time, 50 periods EMA is extending a solid resistance to gold near $1,216. The bullish breakout of 50% retracement level is likely to push gold towards 61.8% retracement at $1,219. We can expect a drop in gold prices only below $1,215.
Support Resistance
1208.75 1217.3
1204.11 1221.2
1195.56 1229.74
Key Trading Level: 1212.65
GOLD – XAU/USD – Trade Idea
We have opened a buy trade above $1,215 with a stop below $1,213 to target $1,219.
Good luck and stay tuned for more updates.
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