RLinda ! GOLD-> Decline to the 0.618 Fibo zone

٢١ نوفمبر ٢٠٢٢

Gold moves into the correction phase after distributive growth from the bottom. The bottom was formed at 1616 and since the beginning of November the price of the futures produced a growth of 10.5%, it was logical to expect the beginning of the correction.

The area of 1807.96 is still relevant, presumably, the trading instrument did not have enough energy after the allocation, a pullback is formed and probably in the near future the price can move into a sideways range.

Ahead of the price has an important support level 1727, behind which hides 0.618 Fibonacci level (1721.65) I expect that from this zone we may see a pullback. Our target in this case will be the resistance of 1765

Regards R.Linda!