GOLD:New BULLISH Setup FIBO 100% Extension as Target LONG !

GOLD has turned sideways around $1,844.00 ( as predicted by us ) in the early European session after surpassing the $1,840.00 hurdle. The precious metal continues its struggle for breaking above the crucial resistance of $1,850.00. The gold price is expected to display a decisive move after the release of United States ISM Manufacturing PMI data.

According to the estimates, the ISM Manufacturing PMI is expected to deepen further to 48.5 from November’s release of 49.0. Shrinking manufacturing activities in the United States are expected to deliver signals of further downside in the inflation projections, which could compel the Federal Reserve (Fed) to slow down the policy tightening measures. However, investors will get more clarity on the monetary policy outlook through Federal Open Market Committee (FOMC) minutes, which will release on Thursday.

We Are looking for a new Bullish setup with the extension of 100% Fibonacci level from the last impulse as a target.

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