=THE TITLE IS WRONG. GOLD COULD NOT BREAK 1130
On a big picture, Gold attempted for the third time to break 1330 which at 1330.66 is 61.8 % of Fibo retracement.
Two out of three attempt were made with a great momentum, a powerfull market, but it didn't work at all.
Based on Fibo, important levels remain 1301.66 i.e 50% of the retracement and 1272.5.
On the chart, based on the previous moves of GOLD, 1303, 1280 and 1250 are key levels.
Gold remain for myself in a path towards 1180 were at that level, based on the situation of the market, we can seriously think to enter long, if not at 1090. But we are not there yet.
Keep in mind the macro economic environment where inflation is at the lowest level, interest rate as well. We would need to see a little upside in the inflation rate in order to have a market reaction to cover fresh money from inflation i.e a little hedging in gold which would keep the precious metal to a level where bottom would be above 1330.
On a big picture, Gold attempted for the third time to break 1330 which at 1330.66 is 61.8 % of Fibo retracement.
Two out of three attempt were made with a great momentum, a powerfull market, but it didn't work at all.
Based on Fibo, important levels remain 1301.66 i.e 50% of the retracement and 1272.5.
On the chart, based on the previous moves of GOLD, 1303, 1280 and 1250 are key levels.
Gold remain for myself in a path towards 1180 were at that level, based on the situation of the market, we can seriously think to enter long, if not at 1090. But we are not there yet.
Keep in mind the macro economic environment where inflation is at the lowest level, interest rate as well. We would need to see a little upside in the inflation rate in order to have a market reaction to cover fresh money from inflation i.e a little hedging in gold which would keep the precious metal to a level where bottom would be above 1330.
