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TFC Commodity Trading Forum

Feb Gold/ Holding Support *PIC*

Feb Gold is holding at the Fib 61.8% retracment level of the May to Oct rally. Very typical of Gold as it does tend to respect this Fib level with the retracments. This is also at the 1650 price support area as well. This level of 1640-1650 must hold to avoid a more serious selloff. Price must also re-clear 1680 to suggest an uptrend has begun with little resistance until it tags the downtrendline at 1720. Only a break above 1720 would suggest a retest of 1800. Meanwhile it is not out of the woods just yet. Will be nice to see 2012 gone with some present 'issues' out of the way so perhaps markets can trade within the realms of reason once again.