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Gold At Key Decision Zone


 -- Published: Thursday, 13 February 2020 | Print  | Disqus 

By Carolyn Boroden

Gold has a rather important decision zone in the 1580.30-1581.70 area.  This zone is the high that gold futures (GC) reached on February 3 in a .618 Fibonacci retracement off its low, and it also constitutes a 100% projection of the prior rally swing.  

Note that on the first test of this key resistance gold has failed to clear the hurdle and has pulled back just over $16.00 so far.  Gold remains vulnerable to the downside unless we can come back through this key zone!  

If gold does take out this key zone, THEN we can look for a resumption of the rally, with the 1611.40 area as our initial upside target.  Until then, gold is vulnerable to testing lower supports. 

See more of our analysis on gold/GC as well as on SPX, ES, Nasdaq/NQ, TLT and oil/CL in our video here:
 

Carolyn Boroden, also known as the "Fibonacci Queen," is an analyst at ElliottWaveTrader.net, where she covers U.S. equity indices, precious metals, and individual stocks based on her unique Fibonacci analysis.

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 -- Published: Thursday, 13 February 2020 | E-Mail  | Print  | Source: GoldSeek.com

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