Gold Technical Price Outlook : $1785 remains a critical level, the gold chart is still a very bullish one but it could be a good confirmation signal if $1785 per troy ounce was broken.”
The MACD has had a bullish cross of the signal lines. The histogram, however, is still under the midpoint which indicates this could just be a retracement.”
“The main feature in the chart is the Fibonacci retracement. Although most of the major Fibs have been taken out, the key 76.4% remains intact.
The 76.4% is often used by Elliott Wave analysts for the 1-2 wave count and until that level is broken there will always be the question mark of this just being a small retracement.”
