Gold prices have reached the anticipated target of $2868.80, marking the 23.6% Fibonacci retracement level for the rally from $2583.75 to $2956.90. As noted in the previous technical update, a break below this level is expected to trigger further bearish correction, both on an intraday and short-term basis.
Traders should monitor for additional downside movement if this level is breached.
Related topics: