61.8% Fibo retracement on gold

Gold goes back to its bullish trend during today’s session while the Dollar continues dropping after the FED’s statement. The 55 day EMA, purple line, has acted as a good support on gold and from that level the price of the precious metal bounced to the upside and reaches the 61.8% Fibonacci retracement around the 1260 level. Gold has also broken above its 200 week EMA at the 1254 level. The 61.8% Fibo may act as a resistance, but a breakout may take the price of gold to the 1274 level where we can find the 76.4% Fibo. Above the 76.4% Fibo, the next important resistance on gold is at the 1300 zone. A bearish bounce from the 61.8% Fibo may cause the price of gold to fall to the 55 day EMA and 200 day EMA zone, around the 1242 level. The 200 day EMA may has a good probability of acting as a support.