Gold fights weekly 61.8% level

By GKFX Team  |  07/12/2016 09:57

After breaking the key downside level over the last few days Gold prices are now fighting to stay above the 61.8% retracement level on the weekly chart. The Fibb move is from lows in November 2015 to the highs seen in July 2016, and remember the 61.8% level on a Fibb is always the most respected. We can see on the chart that the price action has broken below the 61.8% level, however every move lower has been met with a bounce back towards the level. If the weekly candle closes back above the level, which sits at $1170, then we would keep that level as an important support level.