Late-Week PullBack Buy In GOLD

It’s been an interesting Wall Street open. At this hour, the US indices are up while GOLD is down. If the pullback continues, we may get a late-week shot at a key 38% Fibonacci retracement.

Here’s a look at the weekly levels:

38% Retracement, $1900.27
62% Retracement, $1854.14

If it comes into play, a long from GOLD’s weekly 38% Fibonacci Retracement isn’t a bad trade. Here it is:

1) Limit orders from $1900.30
2) 1:1 risk vs reward
3) Initial stop loss at $1899.25