Gold is approaching the 3.618 Fibonacci extension at $3,270.93.
This level is often seen as a final stage of a strong bullish wave especially in a parabolic move.
The next level up is 4.236 ($3,553), which is extreme and only likely in euphoric conditions.
We are likely in or near a topping zone.
Watch for confirmation via candlestick patterns or momentum slowing.
The 3,270–3,550 range is high risk/reward zone for reversal or consolidation.
This level is often seen as a final stage of a strong bullish wave especially in a parabolic move.
The next level up is 4.236 ($3,553), which is extreme and only likely in euphoric conditions.
We are likely in or near a topping zone.
Watch for confirmation via candlestick patterns or momentum slowing.
The 3,270–3,550 range is high risk/reward zone for reversal or consolidation.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.