Gold has been trading within a Bullish Megaphone since the February 03 Low. At the moment, the price is testing the bottom (Higher Lows trend-line) of the Megaphone for the first time since February 25. This is exactly where the 4H MA100 (green trend-line is).
In RSI terms, the 40.500 level has been supporting the Higher Lows since the start of the Megaphone, but today it broke. Naturally if the Higher Lows trend-line breaks, the Fibonacci retracement levels will be targeted: the 0.5 Fib at 1925.75 and the 0.618 Fib at 1891.30, which is where the 4H MA200 (orange trend-line) is.
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In RSI terms, the 40.500 level has been supporting the Higher Lows since the start of the Megaphone, but today it broke. Naturally if the Higher Lows trend-line breaks, the Fibonacci retracement levels will be targeted: the 0.5 Fib at 1925.75 and the 0.618 Fib at 1891.30, which is where the 4H MA200 (orange trend-line) is.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.