Monthly 78% Fibonacci In View For GOLD

It’s a new trading month and GOLD is on the move. Prices have broken hard beneath April’s low and are now searching for a short-term bottom.

Here is one level worth watching for the immediate future:

Monthly 78% Fibonacci Retracement, 1821.01

Here is the trade:

1) Buy @ 1826.00
2) Initial Stop Loss @ 1794.00
3) 1:1 Risk Vs Reward, profit target at 1858.00

This is a short-term position trade. Be sure to adjust your leverage accordingly to hold the position given the $32.00 risk.