Gold Opinion

usgalla

Junior member
40 2
Gold in my opinion should Come down to 874.25 - 890.60 Range.We have the longer period support trend line here. The 38.2% Fibonacci Retracement from the bottom of 681.35 on 24th Oct 2008 to the Recent High of 1005.70 on 20th Feb 2009 also is at 882.00, Which would be a favored Target ideally.
We also see a Heads & Shoulders Formation on the 1H & 4H Chart the ideal Target for which should be at 858.70.

Overall Trend is Down. Avoid Long Positions as of now.

Gold, Time frame : H4
 

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