Gold Turning Point – Short Target 1214-1220
It seems like the December rally after a rate hike was a bit early this year. The current price is 1296.614 and slowing. The daily bar is sitting at the top of the Bollinger Band and the RSI has reached overbought territory.
We are also near the .236 Fib that runs from the beginning of the year until the high of 1357
We have not breached the 1299.326 peak from the end of November which could print a lower high if we continue to go down from here.
The target would be the 1214-1220 area which is the yearly Fib .618 and the trend line support from the bottom of 2016 and 2017.
We are also near the .236 Fib that runs from the beginning of the year until the high of 1357
We have not breached the 1299.326 peak from the end of November which could print a lower high if we continue to go down from here.
The target would be the 1214-1220 area which is the yearly Fib .618 and the trend line support from the bottom of 2016 and 2017.
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