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Gold resiliently defending 1740 fibonacci support

Gold’s rebound attempt last week once again faltered after rejection by 4 hour 55 EMA. Yet, it’s still resiliently holding on to 61.8% retracement of 1682.60 to 1833.79 at 1740.35. The price structure of the fall from 1833.79 is slightly favoring the case that it’s just a corrective move.

Firm break of 1787.02 will argue that such pull back has completed and bring stronger rise back to retest 1833.79/97 structural resistance zone. Such development would be in line with the case that whole correction from 2074.84 has completed after drawing support from long term fibonacci level of 38.2% retracement of 1046.27 to 2074.84 at 1681.92. However, sustained trading below 1740.35 would put focus back to this 1681.92 key fibonacci support level.

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