Next XAUUSD Target is $1221 of 2.618 Fib Projections
The uptrend of XAUUSD was started at $1187 with a double bottom and finished at $1384. As you can see the left uptrend Fibonacci (fib) in chart, the XAUUSD correction reached the 0.5 of fib at $1285. That was the strong resistance from last month for XAUUSD until last Monday.
If we take the fib projection on the downtrend (at the right) we can see that the XAUUSD made a local bottom at $1322 and then reached the 1.618 of fib at $1283 (making multiple bottoms but lower highs).
So now we know that we have downtrend continuity as the XAUUSD broke the resistance and keep fall from yesterday. In spite of some consolidations here the fib projections saws that the $1221 is the target for 2.618 of Fib Projections.
So I think that there is a similarity of retracement on the left (0.5 correction) to projections on the right at 1.618.
If we take the fib projection on the downtrend (at the right) we can see that the XAUUSD made a local bottom at $1322 and then reached the 1.618 of fib at $1283 (making multiple bottoms but lower highs).
So now we know that we have downtrend continuity as the XAUUSD broke the resistance and keep fall from yesterday. In spite of some consolidations here the fib projections saws that the $1221 is the target for 2.618 of Fib Projections.
So I think that there is a similarity of retracement on the left (0.5 correction) to projections on the right at 1.618.
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