Will Gold Recover After Dropping to Fibo 0.618 Level ($2717) ?
🔆Gold News:
Gold (XAU/USD) edged lower after hitting its highest since December 12 in early European trading on Tuesday but closed down at $2,717. The US dollar (USD) rebounded from a two-week low on Monday, on hopes that US President Donald Trump’s protectionist policies could boost inflation and prompt the Federal Reserve to maintain its dovish stance. Falling bond yields also contributed to gold’s gains
🔆FM Opinion
Gold corrected lower in European trading to the 0.618 Fibonacci level ($2,717) and rebounded sharply, indicating that buying demand remains strong. The next target will be the 1.618 Fibonacci level ($2,740) which will intersect the 4H trendline.
Thank you for reading my comment: "FM"
Gold (XAU/USD) edged lower after hitting its highest since December 12 in early European trading on Tuesday but closed down at $2,717. The US dollar (USD) rebounded from a two-week low on Monday, on hopes that US President Donald Trump’s protectionist policies could boost inflation and prompt the Federal Reserve to maintain its dovish stance. Falling bond yields also contributed to gold’s gains
🔆FM Opinion
Gold corrected lower in European trading to the 0.618 Fibonacci level ($2,717) and rebounded sharply, indicating that buying demand remains strong. The next target will be the 1.618 Fibonacci level ($2,740) which will intersect the 4H trendline.
Thank you for reading my comment: "FM"
Trade closed: target reached
Gold price has hit its target and is still rising.
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