Gold finds support at key Fibonacci level and cloud support.
Gold price is bouncing off the $1,835-42 area where we find the lower cloud boundary and the 61.8% Fibonacci retracement of the entire upward move from $1,763 to $1,958. Gold bulls are so far supporting Gold. Bears need to show more signs of strength.
Blue rectangle – resistance
Gold price is reversing the downward move around the key Fibonacci support level at $1,835-42 area. This is major support. A daily close below $1,835 will open the way for a new lower low towards $1,800-$1,790.
Gold bulls are respecting the lower cloud boundary. Price is bouncing off of it. However it is important for bulls to break above the cloud and stay above it in order to remain in control of the trend. Breaking below the Kumo (cloud) will be a bearish sign.The material has been provided by InstaForex Company – www.instaforex.com