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- Gold has rallied today, to the 61.8% Fibonacci retrace area of the last leg lower from $1619.78 – $1561.44.
- This came after a breakout of the recent range consolidation highs around the $1585 area.
- XAUUSD has found interim resistance at this 61.8% Fibonacci level, which is also aligned with the 15/2/13 daily low. Any sustained upside brings the following technical areas of interest:
- The $1600 handle.
- 27/2/13 daily high around the $1614 area,
- The $1618 – $1620 zone, this marks the recent range highs from 18/2/13 and 26/2/13
- $1625 is the previous key support area, aligned with a 50% retrace, and marks a potential resistance area on any sustained move higher.
- Any move lower brings the following technical areas as a focus:
- $1585 marks recent range highs, now viewed as potential near term support.
- $1554 is the recent swing low, a move under this area would be a constructive technical development and would bring the $1530 area as a potential focus.
- Further to the above, the D1 XAUUSD chart below highlights multiple Fibonacci confluence areas that we will be monitoring going forward.
COURTESY : forex-fx-4x
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