GOLD hit support area

Razvan Mihai

Analyst

The price of GOLD, the most traded precious metal, dropped 20 dollars from its last week high. At this point it is trading in a very good support area. This area is formed of the 61.8 Fibonacci retracement and the uptrend line. From here it is highly probable to see a bounce back towards $1143 per ounce where it will find a down trend line. A break below the current support, 1135, would be a strong bearish signal and the price might continue its drop towards 1130 dollars per ounce.

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