Gold
After the price hit a new swing low eight days ago, a correction began due to oversold conditions. Based on the correction levels of the previous downtrend, a move to the 50% or 61.8% levels would have been expected. It managed to rise above the 50% level, but the rally stalled around 4800. The main downtrend has thus held for now, and a new downward wave may be on the way. Due to the retest, the zone between 4843 and 5000 has become a strong resistance level.
Resistance levels: 4,843; 5,000; 5,312; 5,625; 5,938; 6,250.
Support levels: 4,062; 3,906; 3,750.
