Gold technical analysis: Buyers have dried up, eyes on 23.6% Fibo

August 9, 2019

London (Aug 9)  Gold prices have stalled and the market awaits another catalyst from the trade wars to see how far lower yields can which should send gold on another journey to the upside. However, in the absence of further escalation, on a break back below the 1480s, bears can target a deep retracement back to the 1430s once the 23.6% Fibo in the 1450s gives. 

To the upside, the first pit-stop likely comes in at the 1528/30s as prior support which could come in as the next major upside target where the price would be expected to hold initial tests.  Then, bull swill look to the 127.2% Fibo target which is located around 1,560. This guards territory to then the Oct 2012 highs at 1795 come into the picture on the wide. The 1800s come as the 2011 highs and the price has touched the 61.8% Fibo retracement of those highs to the late 2015 swing lows.


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