Fibonacci analysis for GOLD and USDCHF as of 28.10.2019
The 4-hour GOLD chart shows the end of the corrective decline around 76.0% Fibonacci (1473.60), and a new upside momentum is trying to storm the local high of 1519.57. A break-down of the resistance around this mark will open the way to the correction level of 76.0% (1533.08) relative to the whole last downtrend, and later – to the main maximum at 1557.00.
The 1-hour GOLD chart shows a small rollback after trying to test the maximum. The decline may extend to the level of 50.0% Fibonacci relative to the previous growth wave.
On the 4-hour USDCHF timeframe we can see that the downward correction ended at 50.0% Fibonacci. The increase observed so far can be regarded as a correction to the previous decrease. But if quotations manage to consolidate above the level of 76.0%, and later – above the maximum of 0.9996, the market will move to the main peak at 1.0028. The main support is at a minimum of 0.9840.
On the 1-hour USDCHF timeframe it should be noted that the quotes tested the level of 76.0% and formed a divergence on the MACD. Such a technical picture may indicate the potential for a decrease in the Fibonacci levels of 23.6% (0.9931), 38.2% (0.9914) and 50.0% (0.9900).
Forecasts of financial markets are the private opinion of their authors. The current analysis does not represent a guide to trading. RoboForex is not responsible for the results of the work that may arise when using trading recommendations from the reviews provided.