Gold at $2334: Will drop to $2311-$2303 ..?
After recovering to $2334 Gold declined to $2323 and resumed showing signs of life revisiting $2332
The set up indicates potential for renewed bearish attack and bear hunting pushing the metal down for retracement to 50% Fibonacci zone $2316 followed by 61.8% Fibonacci zone $2311
Better risk vs Reward may occur on retracement to 78.6% Fibonacci zone $2302 and a tad lower $2297
Sellers may consider booking profits between $2303-$2297 and buyers are likely to resurface in anticipation of bullish reversal from value zone and bargain hunting.
Upward rebound will target retest of swing high $2338 followed by next leg higher $2368
The set up indicates potential for renewed bearish attack and bear hunting pushing the metal down for retracement to 50% Fibonacci zone $2316 followed by 61.8% Fibonacci zone $2311
Better risk vs Reward may occur on retracement to 78.6% Fibonacci zone $2302 and a tad lower $2297
Sellers may consider booking profits between $2303-$2297 and buyers are likely to resurface in anticipation of bullish reversal from value zone and bargain hunting.
Upward rebound will target retest of swing high $2338 followed by next leg higher $2368
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