Gold at key inflexion point!

Gold price is now testing major resistance area at 1261 (23.6% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) and this is a key inflexion level. A strong reaction could occur at this level with the next major resistance at 1272 (Fibonacci retracement, horizontal pullback resistance, breakout resistance level) and our next major level of support at 1237 (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance at 96% where a strong reaction could occur.

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