GOLD Respects Fibonacci Retracements

Since the start of Wednesday’s trading, the yellow metal has been trading between the 1,730.00 and 1,740.00 levels. In the meantime, the price is being slightly impacted by the hourly simple moving averages and the Fibonacci retracement levels of the March 18 high and the March 12 low levels.

In regards to the near term future, the rate is highly likely to remain in the range between the 1,730.00 and 1,740.00 levels until a fundamental event sets a new direction for the price.

If the yellow metal surges and passes the 1,740.00 level, the price would most likely find resistance in the recent high levels at 1,742.50, 1,747.40 and 1,755.70.

On the other hand, a passing of the support of the 1,730.00 level would find support in the 1,725.00 and 1,720.00 levels.