Gold (XAU/USD): possible demand zone placed around $1245
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Gold is hovering around a key area where buyers could appear to push higher the precious metal, according to our mid-term Fibonacci projections. At H4 chart, XAU/USD is trading above the 65% Fibonacci retracement level at which it found strong support and it’s looking now for catalyst that confirm a bottom is placed. If Gold manages to break above 1255.08, we could shift our focus towards the mid-term target around 1315.24 (-23.6%).
To invalidate that scenario, the yellow metal needs to break below 1231.69 in order to reach the 1214.20 in a first degree. However, RSI is trending higher and it could favor to the bulls’ force.
