Gold Bounces 3-16-22

Gold has had an amazing run over the last couple weeks but its been selling off over the last several days. $1900 appears to be a good support area and buyers are starting to move back in. $1900 level was previous highs last May and sort of last November. This level is also a bounce off Fibonacci .786, where the bulls can pick back up this rally.

If we do go down further from here, I would see gold temporarily trade in a range for several weeks between$1800-2000 before finding a break out move. But so far, gold is still a bullish case and $1800 will have massive buyers involved, especially those who missed the break out at the start of February.