Gold Pivots from Lows

٢ سبتمبر ٢٠٢٢

Gold has pivoted off 1705, the last level in the 1700's. It made a run for higher levels in the 1700's but fell short before 1729, the 0.236 Fibonacci level. The Kovach OBV is still pretty bearish, and it appears that momentum has petered out for now, so this is likely just a relief rally. If so, watch for further support at 1705, then the next levels are 1692, then 1683, the lower anchor of our Fibonacci levels.