Gold Prices Are Speeding Up Towards the $1,900 Level
Gold prices fell close to the $1,950 mark this week, collecting buyers’ stop losses. This level has been a significant technical support for some time, as traders had little strength to push prices further down. Now, below the $1,950 level, the nearest technical support is at $1,900. It could be hard to accept, but from a technical standpoint, this is the only strong support level now. It corresponds with a Fibonacci retracement of 38.2% from the lows in September 2022. Moreover, as long as the price remains in a downside correction, short positions are favourable.
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