shows that the gold price has breached the Fibonacci 61.8% one-day support at $1,667.
Further south, the previous week’s low at $1,654 and the pivot point one-day S2 at $1,651 could come to the rescue of XAU buyers should the selling momentum pick up steam. The previous year’s low of $1,677 will offer stiff resistance on the road to recovery, above which bulls will challenge the previous day’s high of $1,680.The TCD is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages,, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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