Gold approaches 2000 again. But it looks like Gold could reject 2000 again.
The last time when Gold reach the 2000 level (and breached it slightly by forming a new high of 2008) the price retraced down to the 61.8% fib level, which was 1940 price area.
A confirmation of a stronger retracement to the downside would be signaled if the price trades below the 1977 price level which coincides with the 38.2% Fibonacci retracement level.
However, anticipating further downside for the DXY, it is likely that Gold could continue with the uptrend.
Therefore, look for buying opportunities on retracements of Gold, with the key resistance levels at 2000 and 2070
The last time when Gold reach the 2000 level (and breached it slightly by forming a new high of 2008) the price retraced down to the 61.8% fib level, which was 1940 price area.
A confirmation of a stronger retracement to the downside would be signaled if the price trades below the 1977 price level which coincides with the 38.2% Fibonacci retracement level.
However, anticipating further downside for the DXY, it is likely that Gold could continue with the uptrend.
Therefore, look for buying opportunities on retracements of Gold, with the key resistance levels at 2000 and 2070
