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Goldforecast

What Will Gold Do?Gold seems to be moving farther and farther down, and what is interesting about the price it's currently at, is how it's trading right on top of the Fibonacci 100% zone. This can either result in a retracement back close to it's 61.8% zone, or it can drop down steeper to it's 161.8% zone. With prices trading around $1,735, means it is sitting in between a current buy zone and sell zone. Determining which one it will reach first depends solely on the momentum either side brings to the table. Bulls could push the price back into a sharp reversal or they can allow the bears to keep dragging prices lower and lower. If Gold can close below it's 100% zone, that will only confirm that it's next possible price target will be down near it's first sell zone out of three. Best thing to do is watch and see if prices start to drop further and you can grasp a sell position going towards the $1,600 price area. However if prices continue to move higher, I wouldn't look for a buy position until it at least recovers 50% of the loss it's already suffered from, or once the trend has completely switched bullish.
OANDA:XAUUSD
by BBDaBoss