Gold price is moving higher today as expected by our previous posts. Price has managed to stay above key short-term support of $1,800 and has broken the bullish flag pattern we mentioned on Monday. Price is at $1,8251 and is on its way to $1,855.
Blue lines - Fibonacci retracement levels
Gold price has broken above the 38% Fibonacci retracement and the recent consolidation area. Price is approaching the 50% retracement and the 61.8% Fibonacci expansion target. Our target for some time now has been the $1,855 level where we find the key Fibonacci expansion of 110% and near that level we find the 61.8% Fibonacci retracement. As long as Gold price is above $1,790, I expect these levels to be achieved.
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