Gold Market Wire
News, analysis and commentary for gold traders and investors
Technical Outlook: Retracement Levels Gold Might Elect
The US Dollar is climbing again, especially against the Pound Sterling (GBP) and the Australian (AUD) and New Zealand Dollar (NZD). Right now the US currency is almost .50% stronger against all three.
That is putting Gold under pressure.
The Fibonacci numbers show us where Gold may head. And where it might pause if the retracement persists.
The Gold market needs to get a move on, quick - if the recent rally is to hold. Right now, it is failing its first test at the new resistance.