Gold extends bounces off 38.2% Fibonacci retracement. The monthly descending trend line will challenge buyers past-23.6% Fibonacci retracement. Mid-January low could also challenge the sellers. Gold prices remain modestly changed to $1,566.50 during the pre-Europe session on Friday. Still, the yellow metal remains positive while gaining back its stand above 21-day SMA. With this, the precious metal is heading towards 23.6% Fibonacci retracement of its rise from November 2019 to January top, near $1,573. However, a downward sloping trend line since January 08 close to $1,589.50 could challenge buyers. Should there an upside past-$1,590, $1,600 round-figure will be important to watch as a break of which could propel the quote towards the yearly high surrounding $1,612. On the contrary, the bullion’s daily closing below a 21-day SMA level of $1,564 can drag it back to 38.2% Fibonacci retracement near $1,549.50. If at all buyers fail to turn up around $1,549.50, January 14 lows of $1,536 will be of importance to the bears. Gold daily chart Trend: Bullish 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 Litecoin Price Analysis: LTC/USD on the verge of crossing $75 FX Street 2 years Gold extends bounces off 38.2% Fibonacci retracement. The monthly descending trend line will challenge buyers past-23.6% Fibonacci retracement. Mid-January low could also challenge the sellers. Gold prices remain modestly changed to $1,566.50 during the pre-Europe session on Friday. Still, the yellow metal remains positive while gaining back its stand above 21-day SMA. With this, the precious metal is heading towards 23.6% Fibonacci retracement of its rise from November 2019 to January top, near $1,573. However, a downward sloping trend line since January 08 close to $1,589.50 could challenge buyers. Should there an upside past-$1,590, $1,600 round-figure will be important to… 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.
