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12.02.202118:39 Forex Analysis & Reviews: Gold price reversal at important Fibonacci support

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Gold price made a low at $1,810 where we find the 61.8% Fibonacci retracement and bulls now try to push price higher closer to the key resistance and pivot level of $1,850. Gold bulls have managed to form a higher low at important Fibonacci junction. Breaking above $1,850 could lead Gold price to $1,881 at least.

Black lines - Fibonacci levels

Red lines -expected size of upward move if Gold breaks $1,850

Gold price has made an important low at $1,810 and is reversing. Bulls need to defend this low and start making higher highs and higher lows. Resistance at $1,850 remains key. Breaking and staying above it will push price initially to $1,880 and next above $1,900. If recent low and Fibonacci support at $1,810 fails to hold, then I will expect Gold to break below $1,800 and test $1,784 lows.

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