Since the presidential election, there has been relentless selling going on in the gold market. Last Thursday, I highlighted Gold as being oversold and a potential trading setup to watch.
Gold futures prices have fallen a bit further, demonstrating just how weak the yellow metal has been in November. One thing I stated last week that remains true now:  “Have patience with this trade and wait for a buy signal on the weekly timeframe.”
If you’re gonna be early, it better be in smaller sizes.
Gold Fibonacci Support Levels
Gold futures are in a critical support zone, between the 50 and 61.8 percent Fibonacci retractment levels. The chart below is from Monday trading – prices are now sitting right on the 61.8 Gold Fibonacci support level.  Should the rubber band stretch even lower, we could see $1149 or $1117 prior to a bounce.  But sometimes the rubber band snaps, so plan accordingly if you trade Gold (or want to trade Gold).
Here are the key levels highlighted in the chart below.
- Gold continued to hold the 50-61.8 % Fibonacci retracement area with oversold conditions.
- Key levels to watch are 1211.6- 1192.5.
- Upside price targets if Gold decides to bounce/rally:
- 1245.7
- 1271.1
- 1296.7
- 1323
Thanks for reading.
Twitter:Â Â @MaximusAnalysis
The author does not have a position in any of the mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
