GOLD: Ranging Between The Key levels of Support & Resistance

The price of gold is consolidating following failures in the 1530’s which have proven again to be a resistance where prices were fiercely rejected.  A 50% mean reversion of the late June swing lows to recent highs around 1470 could be on the cards should the psychological 1500’s give way.

Further down, we have the 19th July swing highs down at 1452.93. However, should the bullish commitments break the 1550 target which guards territories towards 1,590 as the 127.2% Fibonacci target, a fresh bullish cycle will be confirmed targeting the 1800’s.

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