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Gold Price Analysis: Harmonic patterns emerge in the gold market

  • Gold is trading 0.23% higher on Friday erasing earlier losses.
  • It seems either there was some profit taking or NFP bears around earlier.

Gold 1-Hourly Chart

The price of gold fell from its daily peak of $1,690.04 after the Non-Farm Payroll data earlier in the session.

Now it seems the price found some support at the 38.2% Fibonacci retracement.

The candle also managed to close above the 261.8% Fibonacci extension and trendline.

This also confluences with a support zone at $1.653.83. 

Now it seems the price might be edging back toward the highs but if the Fibs keep working the 76.4% level ($1,678.34) could be the new 1-2 wave low from an Elliott wave perspective.

If the bulls win the battle then $1,720.00 is the 1.618% extension to the upside.

Gold Price Analysis

Additional Levels

 

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