FX.co ★ GS stock price surpasses our target of $310.

On September 14th we warned that a pull back towards $310 was expected. Price was vulnerable to a move towards the 61.8% Fibonacci retracement of the rise from $277. Today price has gapped down and surpassed the 61.8% retracement and our target by reaching so far as low as $304. Short-term trend remains bearish. Price is making lower lows and lower highs. The 61.8% retracement is a retracement level we usually see trend reversals. Current price action does not give us a lot of hope for a reversal. Bulls need to step in and support GS stock price, otherwise it will be vulnerable to a move towards $295.