Gold Pivots

28 ก.ย. 2022

Gold caught a massive bid off Bonds and the selloff in the US dollar. We broke several levels above to finally run out of steam exactly at our level of 1670. Although the Kovach OBV picked up, resistance kicked in and we appear to be taking a breather. It is likely that the rally is transient and we will retrace soon. The first level to provide support will be 1658, then after that we have a vacuum zone back to 1640. If we continue to rally, 1683, the base of our levels before using inverse Fibonacci extensions to predict lower levels, will be the next target.