| After breaking through a bearish trendline at the beginning of last week, Gold benefited from some USD profit-taking and managed to climb its way back up the charts. However, the yellow metal found resistance at $1238 preventing entry to $1240 and current technicals indicate this could be a psychological ceiling in the current Gold market.
The $1238 level also represents a 50.0 fib level from the previous high ($1344) to the previous low ($1131) and the metal finding resistance at the 50.0 fib level twice last week does suggest the Fibonacci levels are in play. If this is the case, technical traders would likely be bearish below $1238 and looking at a potential entry opportunity if Gold manages to break through this resistance. ...........................................Full Article: Source
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