Gold Price Falls Near Important Support

London (Oct 1)  Friday's goodish recovery move from 61.8% Fibonacci retracement level of the $1160-$1210 recent up-move stalled near an important confluence support break-point turned resistance.

The mentioned hurdle comprises of 38.2% Fibonacci retracement level and a short-term ascending trend-line, a part of a symmetrical triangular formation on short-term charts.

Given that it remains well below important intraday moving averages - 50, 100 & 200-period SMAs, a convincing break below Friday's swing low will reinforce last week's bearish breakdown.

InternationalNews