Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Checking the Fibs
April 22 2020 - (Gold Market Wire) - A look at the Fibonacci retracements reveals our 'bounce point' this morning.
This shows the indicator is alive and well, performing 2 out of the last 4 tests lower. The market remains choppy however. We are still in the land of "lower highs" over the past 7 sessions (today included), so any rally of seriousness needs to erase some of that action. We acknowledge the downtrend has been breached, as mentioned earlier, but need to see a decent close on the weekly before confirming an uptrend.
Patience is called for.
The COMEX awaits.