fibonacci retracement numbersGold went up from from about 1820 to 1930 in the last month. $110
Barring any major news (ie if Israel/Hamas escalates).
If things stay the same as today, a retracement is expected due to profit taking.
according to fibonacci, first retracement would be 23.6% of the gain. So about $26. So support at around $1904.
The next level is a 38.4% drop on the gains. So about $42 so maybe $1992. I don't expect that, but it all depends on the news.
Not likely the turmoil will end in the next couple of days. If it escalates gold could reach all time highs.
If it's in a downtrend I'd watch about $1904.
Btw, pay no attention. Some math seems to suggest this as a possibility. But tomorrow it could open higher.
It is possible that gold will break an all time high. If you know the answer to that for certain, you could easily make millions :)