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.