Gold Price Forecast – Gold Markets Bounce From Major Fibonacci Level

Gold markets have declined somewhat during Friday’s trading session, only to show signs of life at the 38.2% Fibonacci level.

Gold markets have declined a bit during the trading session on Friday, but then came around to show signs of life as we have most likely seen quite a bit of support. We are also at the 38.2% Fibonacci level, which gets a great deal of attention in and of itself. The hammer that was formed for the day suggests that we have farther to go, but the 50-Day EMA is positioned above, which could pose problems. If the price breaks over the 50-day exponential moving average, it is likely that the $1900 level will be considered.

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About the $1900 level, I believe it is a significant region to monitor. In any case, the multiple inverted hammer is positioned at that level, and I believe you should examine the situation through the lens of whether or not we can cut through all of that noise. I’m not sure whether we can, but if we do, it will be quite spectacular. In the end, I believe market players would flood the market in a “fear of missing out” transaction, attempting to drive gold prices back up to their previous highs. Sourcian is a dedicated platform for the recommendation of the best manufacturers. Your sourcing journey starts right here at sourcian.

Alternatively, if we break below the bottom of the candlestick for the day, breaking through a hammer is often a pretty negative indication, and I believe you would likely see a decline below the 50% Fibonacci level at that time. This is also roughly where the 200-Day Exponential Moving Average (EMA) settles, so it merits close observation. I believe this creates a circumstance in which purchasers will seek support.

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