Gold – trading concept

0.236 may be an important level to watch in the near future. I expect a bounce at this level on the weekly time frame and this morning we are very close to the 0.236 support. The price formed a pivot at $4,402.

Now, in order to form a Doji reversal pattern on the four-hour time frame, the price is trying to form it. If buyers can hold this level and break above the 0.5 Fibonacci level, then 0.618 will be the main target.

If gold rebounds from current levels, some sellers expect a return to the $4,895 to $5,000 range.

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