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Gold - Resistance at 1586 leads to long liquidation

by Timothy Straiton
Tuesday 4th February 2020

Current level is 1567 and retreating from an overbought condition. The Fibonacci 61.8 percent retracement level at 1586, measured from the low of 1046 made in December 2015 to the high of 1920 made in September 2011 is proving to act as strong resistance to further upside. Although the long term trend is bullish, with the current price 6.75 percent above the rising 40 week moving average, short-term retracement down to the 1483 level cannot be ruled out.

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