Gold is testing a key support level as it trades 1.82% lower on Wednesday. There is a Fib confluence zone lower down that the market could be interested in. Gold daily chart The commodities complex is taking another hit on Wednesday after a tough start to the week. The recent persistent greenback strength has been a thorn in the side of the precious metal since the dollar consolidation began. Now there is a breakout to the upside in the dollar, gold is testing the support area which is the consolidation low. The first place to start is the retracement from the all-time high. After the pullback the price retraced and the second wave up hit USD 2015.65 per troy ounce. This pullback stopped short of the 76.4% retracement but is still the Elliott Wave 2 starting point. That means the current wave could be wave 3. This is traditionally the longest wave and the Fibonacci extension level on the downside point to a test of the 161.8% area. Interestingly this confluences with the 50% Fibonacci retracement marked with the orange rectangle. If the downside support breaks that could be the target. The indicators are confirming the bearish picture as the MACD histogram and signal lines are under zero. The Relative Strength Index is also looking very depressed too. It is important to remember the daily candle has not closed below the support area yet. Traders and investors must wait for confirmation. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum closer than ever to ETH 2.0 with Spadina Launchpad live on September 29 FX Street 2 years Gold is testing a key support level as it trades 1.82% lower on Wednesday. There is a Fib confluence zone lower down that the market could be interested in. Gold daily chart The commodities complex is taking another hit on Wednesday after a tough start to the week. The recent persistent greenback strength has been a thorn in the side of the precious metal since the dollar consolidation began. Now there is a breakout to the upside in the dollar, gold is testing the support area which is the consolidation low. The first place to start is the retracement from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.