Gold at $2407: Next Rebound to $2440 and Drop to $2388..?
Gold is showing retracement after recording new high at $2482 and strongly breached below 23.6% fibo $2340 to decline to 38.2% fibo $2409 and currently trades a tad lower
There is a possibility of short term pull back recovery from the lows which may reach $2427-$2432 while immediate resistance is seen positioned at $2440 which acts as turning point for further course of price action as sustained break above this resistance $2440 may put Gold back on bullish path that targets retesting $2468 above which strong acceptance is required for retesting $2482 and further extension to $2500
Rejection from resistance $2440 or higher zone $2468 will attract bears to hammer the metal even lower to $2388
There is a possibility of short term pull back recovery from the lows which may reach $2427-$2432 while immediate resistance is seen positioned at $2440 which acts as turning point for further course of price action as sustained break above this resistance $2440 may put Gold back on bullish path that targets retesting $2468 above which strong acceptance is required for retesting $2482 and further extension to $2500
Rejection from resistance $2440 or higher zone $2468 will attract bears to hammer the metal even lower to $2388
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