Gold Fibonacci Retracement

Gold Retracement

Gold Retracement

Gold is showing signs of a very precise retracement in 1-hour chart. Note the strong uptrend that prevailed for 2 weeks, and the precise touch of the 23.6% retracement of the uptrend. Price has already bounced on the Retracement level and confirmed the trade.

A technical pattern that confirms the trade is the flag that is a continuation pattern, which suggests that price will continue upwards. While in Flag, price is congested inside two trendlines which bound price strongly, eventually leading to breakout upwards.

Trading: Traders can join the Long trades on breakout of the Flag or at pullback to the Resistance trendline.

Author: Mark

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