Gold Retraces

Gold edged higher, breaking out of the 0.618 Fibonacci level at about $1800. However, we encountered resistance at the next technical level above, at $1815. Immediately, we saw the price action round off and retrace back to safety in the $1790's. We anticipate gold to establish value between $1780 and $1800 (two significant Fibonacci levels), unless more momentum can come through and help solidify the $1800's. The Kovach OBV is wavering, which suggests we do not quite have enough momentum yet to sustain a breakout.