Weekly Analysis: Gold gets support around 200-day EMA and 61.8% Fibonacci Retracement level
Minha Gold fell for most part of last week, reaching as low as 1893, before getting support on Thursday and turning around and moving upwards on Friday.
It is interesting to note that it is an important level where 200-day EMA has provided support. At the same time it is the zone of 61.8% Fibonacci Retracement Level.
Our expectation for the coming week
Our expectation is a correction downwards in smaller time frames and then then one more wave towards the upside. We are looking for buy setups at this level.
