Gold and Fibonacci

After the strong and steep bearish movement a retracement of some sort was expected. Here I have plotted my Fibonacci retracement level, and we can see the price sitting at the 38.2 level. My sentiment is still bearish but I will look at candlestick/price patterns on lower timeframes before taking more action. Consider all possible moves the price can make. Should the price intersect the 61.8 level I will consider changing my bias from bearish to bullish.

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The gap indicated by the red rectangle might act as support for any downside movement.

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DISCLAIMER: I am not a financial advisor and anything that I say on these channels should not be seen as financial advice. I am only sharing my speculation and personal experience.

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Do investors still see Gold as a safe haven in times of great uncertainty? Well it looks like it.