Gold now attempting a break above 23.6% Fibo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bid tone around Gold is strengthening fast on account of a drop in European equities. The metal is attempting a convincing break above 1211.94 (23.6% of Dec low-Feb high).

    Recovered from $1190

    Prices hit a daily low of USD 1190 earlier today before a technical recovery pushed the prices higher to USD 1200 mark. The next leg upwards to USD 1210-1212 levels was triggered by the oil-driven drop in the major European equity indices.

    Ahead in the day, the metal is at the mercy of the action in the US stocks. A return of flight to safety could ensure prices see a break above the said Fibo level.

    Gold Technical Levels

    The immediate hurdle is seen at 1224.23 (Apr 6 high), above which the prices could test 1232.41 (May 18 high). On the other hand, a breakdown of immediate support at 1200 could send prices back to 1191.57 (Oct 15 high).
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