Gold flew pass the key 50% Fibonacci retracement resistance region and ended the week at the 61% Fibonacci retracement resistance region.
Price remain extended especially on the weekly time frame. If price continues to move towards the $2,000 price region without retracement or sideway movement, shorting without confirmation may seem favorable. Nonetheless, the 61.8 Fibonacci resistance level is also a key level where short entries should only be taken if there are valid confirmations.
Price remain extended especially on the weekly time frame. If price continues to move towards the $2,000 price region without retracement or sideway movement, shorting without confirmation may seem favorable. Nonetheless, the 61.8 Fibonacci resistance level is also a key level where short entries should only be taken if there are valid confirmations.
