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Hi everybody, I’m back! this time, 10.150Km from home, in Valencia Spain, approaching to Barcelona’s ITC next week. Despite the time I spent away from the market, things are quite unchanged regarding general view: gold keeps leading the way, keeping dollar under pressure, Gbp remains the second weaker currency after greenback, and each day, more central banks complain about the extreme movements in their currencies, that harm their economic recovery; don’t get me wrong: there is no strong/favour greenback perspective here, as dollar is no doubts weak; is just it is not alone in that weakness stuff, and I believe balance should come in majors far from current levels, more dollar favored. Anyway, is just my view.
I have been taking a good look at gold charts, as having moved above previous historical high, we need different tools to set probable support/resistances areas, and target zones. I apply a Fibonacci expansion in the daily chart, from 947 low of past August 17th to the 1024 high a month later, and finally to the retracement to 984,70 lows of past September 25th. The 61.8E comes at 1042.50 zone, and the commodity remains above that level; under that, 1031 previous high, is next support to consider. Break under that level, could trigger some downside correction close to 1000, yet, only under 980, we will see a real retracement of gold. Nothing before. Above current high of 1061.50, the 100E of the Fibonacci rally comes at 1078.30 area, and that’s next strong resistance to consider, ahead of 1100 psychological level. Keep watching it, as greenback is too attached to it still.
